Form 1040 Uudio Stamp) INDIVIDUAL INCOME TAX RETURN | Do Not Writo in Thewo Spaces 1. Are you a citizen or resident Yes 2. Il you filed a return for 1923, to of the United States? ... 3. Is this a joint return Pittsburgh what Collector's office was it sent? of husband and wife? ...Xes... & Were you married and living with husband Yes 8. If not, were you on the last day of your taxable year supporting one or more persons or wife on the last day of your taxable year? ...4.0 living in your household who are closely related to you by blood, marriage, or adoption? a If your status in respect to questions 7. How many dependent persons (other than husband or wife) under 18 years of 1 and 5 changed during year, age or incapable of self-support because mentally or physically defective were state date of such change receiving their chiel support from you on the last day of your taxable year? ........... One INCOME Lucia M. Amount received Expenses paid 1. Salaries, Wages, Commissions, etc. (Stato name and address of person from whom received) Salary (Spangler and Bowman, Pittsburgh.. Pa. $. 5250.00.. 5250 00 Compensation as Trustee (G. I. Spangler Estate). 500.00 86.75. 413 25 Direotors' Fees 65.00.. 65 00 10. Earned Income (see Instruction 19).. $ 20,000.00 30. Net Income (Item 18 shove). 913014891 41. Normal Tax (2% of Ite..) 37)...... S 80.00 20. Less Personal Exemption and Credit 31. Less Dividends (Item'54363 75 for Dependente...... 290000 42. Normal Tax (4% of Item 39).. 16000 32. Interest on Liberty 21. Balanco (Item 19 minus 20) $710000 43. Normal Tax (6% of Item 40).......... 3893.11. 22. Amount taxable at 2% (not over 44. Surtax on Item 18 (sco Instruction 2500bo the first $4,000 of Item 21) 4000100 33. Personal Exemption... 30) 281.75.12 23. Amount taxable 4% (not over 3100100 31. Credit for Dependents. 40000 45. Adjustment for Capital Gain or Loss the second $4,000 of Iten 21)...... (127% of Column 9, Schedule D) 24. Amount taxable at 6% (balance None 6726375 over $8,000 of Item 21) 35. Total of Items 31, 32, 33, and 34..... 46. Total of Items 41 45 32308 21. 25. Normal Tax (2% of Item 22). 80100 26. Balance (Item 30 minus 35)..... 7288516 47. Less Credit of 25% of Tax on Earned 51 be. 124100 37. Amount taxable at 2% (not over 28. Normal Tax (4% 400000 48. Total Tax (Item 46 minus 47) $32257.21 21. Normal Tax (6% 6888516 49. Less Income Tax paid at source...... 28. Normal Tax on Earned Net Income 50. Income and Profits Taxes paid to a (total of Items 25, 26, and 27)... 204 00 39. Amount taxable at 4% (not over foreign country or U.S. possession. 79. Credit of 25% of Item 28 (not to er 40. Amount taxablo at 6% (balance 6488516 51. Balance of Tax (Item 48 minus 51 og ceed 25% of Items 41, 42, and 43).. over $8,000 of Item 36). Items 49 and 50). $32257 21 An amended return must be marked "Amended" at top of return Checks and drafts will be accepted only if payable at par (Reproduction of Page 1 of Return) SCHEDULE A-INCOME FROM BUSINESS OR PROFESSION (See Instruction 2) 1. Total receipts from business or profession (state kind of business) Cost or Goods SOLD 2. Labor. OTHER BUSINESS DEDUCTIONS and compensation for your own services... therefor at foot of page). in table provided therefor at foot of page). on separate sheet).... Explanation of deductions claimed in Column 7. Taxe s-$228.60 4. DERECTATION 8. COST & VALUE AS Or 7. SUBSEQUENT PREVIOUSLY ALLOWED MARCE 1, 1013 IXTROVEMENTS Corn...Dats...Rye...eta...... 106756 Stook 11237 66 (Legs $1100.00. Gein Previous to 3/31/13). Stook 71492 10 66320) 35 · Bonds 11739 50 I. SCHEDULE D CAPITAL NET GAIN OR LOSS FROM SALE OF ASSETS HELD MORE THAN TWO YEARS (See Instruction 68) & SUBSZOCENT 7. VALOE AS Or 4. AMOUNT RECEIVED Coor IMPROVEMENTS, AND CAPITAL DEDUCTIONS Not GAIN OR LOW (Enter 124% Item 15) Stato bow property SCHEDULE E-INTEREST-ON LIBERTY BONDS AND OTHER OBLIGATIONS OR SECURITIES (See Instruction 8) PRINCIPAL 2 INTEREST RECEIVED AMOUNT & AMOUNT OWNED OR AOCHUED EIENPT FROM IN EICESS OF & INTEREN ON ANOONT I EXCES OR EXEMPTIONS (Ester As Item 80 IT IIIIII (a) Obligations of a State, Territory, or political subdivision thereof, or the District of Columbia... AU XXXIII ) Securities lasued under Federal Farm Loan Act, or under such Act as amended АД Ix ore Sept. 1, 1917, and obligations of possessions of the United States.. All IIIXIT () Liberty 46 and 47% Bonds, Treasury 47% Bonds, Treasury Certificates, and Treasury (War) Savings Certificates $5,000 ...... (6) Liberty 4% and 48% Bonds....... $50,000 Treasury Notes None 2 DATE ACQUIRED 2. Cost 6. DEPRECIATION 7. INSURANCE AND MARCH 1, 1913 IMPROVEMENTS PREVIOUSLY ALLOWED SALYAOE VALUE & NET 109 (Lotar as Item 13) SCHEDULE F-EXPLANATION OF DEDUCTIONS CLAIMED IN ITEMS 1, 12, 14, AND 15 Item 1: Portion of Trustees. Current Expenses... 86,76 Item 12: Taxes • Property, 3590,29 - Luxury... $126.00. - Club. Dues... $39.33. Total 755.62 Item 14: Bad Debts ritten Off During the Year 550,00 Item 15: Contributions to Educational and Charitable Corporations 22967.45 AFFIDAVIT I swear (or affirm) that this return, including the accompanying schedules and statements (if any), has been examined by me, and, to the best of my knowledge and beliel, is a true and complete return made in good faith for the taxable year as stated, pursuant to the Revenue Act of 1924 and the Regulations issued under authority thereof.. INCOME TAX QUESTIONS AND PROBLEMS 1. Distinguish between allowable deductions and credits and explain how each should be classified in the Income Tax Return for an individual. 2. An analysis of the accounts kept by Henry Cameron shows that he has received dividends during the taxable year as follows: (a) A cash dividend received from the American Steel Company, a domestic corporation, which is itself subject to the income tax. . $1,400.00 (b) A stock dividend received from the Wheeler Manufacturing Company, a domestic corporation, which is itself subject to the income tax... 800.00 (c) A cash dividend received from the Canadian Milling Company, a foreign corporation, which secures more than 50% of its income from sources within the United States.. 1,750.00 (d) A cash dividend received from the London Express Company, Ltd., a foreign corporation, which receives no income from sources within the United States.. 400.00 $4,350.00 How should each of these dividends be classified on Mr. Cameron's Income Tax Return? 3. Under what condition may interest received from obligations of the United States be taken as a credit in computing the normal tax? 4. Under what conditions is a taxpayer entitled to the following credits? (a) A personal exemption of $1,000.00? 6. (a) Is it necessary for individuals who have an income in excess of the credits allowed by Law to pay a normal tax? (b) What amount of net income is an individual entitled to receive without becoming liable to the surtax? 7. If H. C. Hewitt has a gross income of $1,600.00 for a period of nine months, what is the amount of his annual income under the Income Tax Law? 8. When should the income tax be paid? 9. If Mary Whitaker files an Income Tax Return for the current calendar year and elects to pay the tax on an installment basis, on what dates will it be necessary for her to pay each installment of the tax? 10. What is the purpose of an Income Tax Working Sheet? II. Irwin Bell is a married man with three small children. His gross income for the current year amounts to $4,000.00 while he claims $1,500.00 as allowable deductions. Should he file a return? If so, what is the amount of his taxable income? If any tax is to be assessed compute the amount. 12. George Vine, who is a married man, has a net income of $4,500.00 for the current year. His wife has an income of $1,450.00 from services. His daughter, who will be eighteen years of age next March, earns $940.00 as a stenographer. Assuming that the husband and wife unite in filing a single joint return, compute the amount of tax to be paid. 13 Charles Springer is a single man and has a net income of $5,000.00 per year. His father, who is totally blind is dependent upon him for support. Anna Springer, his fifteen year old sister, is also dependent upon him. Both live with him. What exemption can Charles Springer claim in filing his Income Tax Return? Compute the tax. 14. A widowed mother died, leaving three children under 15 years of age. Herbert Esser, an unmarried uncle, took charge of the children on January 1, of the current year, and supported them during the year, maintaining them in his own household. Mr. Esser's Income Consisted of: $10,000.00 Interest Received on $5,000.00 Fourth Liberty 474% Bonds 212.50 Net Income from Farming Operations. 4,000.00 Total Income.. $14,212.50 Prepare Mr. Esser's Income Tax Statement. 15. Harry Greber, a single man, has a taxable income of $30,000.00 for the current year. He also has the following expenses: Taxes on Home.... 850.00 210.00 16. I. S. Sunday is cashier of The Fort Wayne National Bank. He is a married man and has a child seven years old. He keeps no books, but from such information as is available, he submits the following statement of cash receipts and expend'itures: Receipts $3,800.00 Interest on First Liberty 372% Bond (500 par) 17.50 Interest on Third Liberty Loan 474% Bonds (1000 par) 37.50 Interest on Fourth Liberty Loan 474% Bonds (1000 par) 47.50 Bonus from The Fort Wayne National Bank. 400.00 On a basis of the facts given above, prepare a Statement of Mr. Sunday's Income Tax for the current year. 17. Mr. Richard Roe, a married man, requests you to prepare his Federal Income Tax Return. Owing to a change in his taxable period, it is necessary for him to file a return for a period of ten months ending December 31 of the current year. The following information was ascertained from an audit of his books. Income Received During the Year $5,000.00 Directors' Fees.. 105.00 Rent of Property (net). 7,596.54 Interest on Investments. 1,648.32 Dividends on Bank Stock. 2,500.00 Dividends on Stock Held in Industrial Companies. 11,500.00 Dividends on Stock of a Corporation Organized and doing Business in a Province of Canada.. 1,500.00 He Has Paid Out: Interest on his Personal Indebtedness..... 2,500.00 Taxes on Income-Producing Real Property. 1,600.00 Taxes on Real Property not Producing Income. 400.00 Personal Household Expenses.. 2,500.00 He Also Reports: Loss of a Dwelling House, by fire, from which he had received Rents, no Insurance being carried... 1,200.00 Judgment rendered against him in his suit to collect on the past due note of Harry Hanson: $2,000.00 320.00 Legal Expenses. 150.00 2,470.00 Prepare statement showing computation of tax. |
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