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1. Are you a citizen or resident Yes 2. If you filed a return for 1923, to
of the United States?......
what Collector's office was it sent?
Do Not Write in These Spaces
Cash Check M. O. Cert. of Ind.
3. Is this a joint return
of husband and wife? ...Xea... 5. If not, were you on the last day of your taxable year supporting one or more persons living in your household who are closely related to you by blood, marriage, or adoption?. 7. How many dependent persons (other than husband or wife) under 18 years of age or incapable of self-support because mentally or physically defective were receiving their chief support from you on the last day of your taxable year?.......
1. Salaries, Wages, Commissions, etc. (State name and address of person from whom received)
2. Income from Business or Profession. (From Schedule A)
3. Interest on Bank Deposits, Corporation Bonds, etc. (except interest upon which a tax was paid at source) (a) Interest on Tax-free Covenant Bonds Upon Which a Tax was Paid at Source
4. Income from Partnerships, Fiduciaries, etc. (State name and address of partnership, etc.) Spangler and Bowman
38. Balance (Item 36 minus 37).
(total of Items 25, 26, and 27).$.
41. Normal Tax (2% of Ite. 37)......
43. Normal Tax (6% of Item 40).
45. Adjustment for Capital Gain or Loss
49. Less Income Tax paid at source....
80.00 160 00 389301 28175 10
$ 32308 21
51 bo 32257.21
Checks and drafts will be accepted only if payable at par 2-13334
(Reproduction of Page 1 of Return)
1. KIND OF PROPERTY
SCHEDULE C-PROFIT FROM SALE OF REAL ESTATE, STOCKS, BONDS, ETC. (See Instruction 6)
Corn Oats, Rye, etc.....
State how property was acquired.
4. DEPRECIATION PREVIOUSLY ALLOWED
6. VALUE AS OF
& NET PROFIT (Enter as Item 6)
11237 66 (Less $1100.00, Gein Previous to 3/31/13).
517175 -1115 50
71492 10 11739 50
SCHEDULE D-CAPITAL NET GAIN OR LOSS FROM SALE OF ASSETS HELD MORE THAN TWO YEARS (See Instruction 6a)
SCHEDULE E-INTEREST ON LIBERTY BONDS AND OTHER OBLIGATIONS OR SECURITIES (See Instruction 8)
EXPLANATION OF DEDUCTION FOR LOSSES BY FIRE, STORM, ETC., CLAIMED IN SCHEDULE A, AND IN ITEM 13
SCHEDULE F-EXPLANATION OF DEDUCTIONS CLAIMED IN ITEMS 1, 12, 14, AND 15
Item 1: Portion of Trustee's Current Expenses..
Item 12: Taxes - Property, $590.29 Luxury. $126.00 Club Dues. $39.33.
Item 15: Contributions to Educational and Charitable Corporati ons
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 belief, 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
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
tion, which is itself subject to the income tax.. $1,400.00
(c) A cash dividend received from the
(d) A cash dividend received from the London Express Company, Ltd., a foreign corporation, which receives no income from sources within the United States..
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?
(b) A personal exemption of $2,500.00?
(c) An exemption of $400.00?
5. Distinguish between the normal tax and surtax.
(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:
Dividends Received from Corporations... . .
Interest Received on $5,000.00 Fourth Liberty 44% Bonds
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
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 expenditures:
Salary for the Fiscal Year Ending Dec. 31..
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
Rent of Property (net).
Interest on Investments.
Dividends on Bank Stock.
Dividends on Stock Held in Industrial Companies.
Dividends on Stock of a Corporation Organized and doing
Business in a Province of Canada..
He Has Paid Out:
Interest on his Personal Indebtedness..
Taxes on Income-Producing Real Property.
Taxes on Real Property not Producing Income.
He Also Reports:
Loss of a Dwelling House, by fire, from which he had
Judgment rendered against him in his suit to collect on
Prepare statement showing computation of tax.