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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?

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Allegheny

(County)

Pennsylvania

(State)

Trading
Pittsburgh

Do Not Write in These Spaces

Serial
Number

First Payment

Examined

By.......

(Cashier's Stamp)

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?.......

INCOME

1. Salaries, Wages, Commissions, etc. (State name and address of person from whom received)
Salary (Spangler and Bowman, Pittsburgh, Pa.).
Compensation as Trustee (G. L. Spangler Estate).
Directors' Fees

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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

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38. Balance (Item 36 minus 37).
204 00 39. Amount taxable at 4% (not over
the second $4,000 of Item 36)......
40. Amount taxable at 6% (balance
51 00
over $8,000 of Item 36).

(total of Items 25, 26, and 27).$.
29. Credit of 25% of Item 28 (not to ex-
ceed 25% of Items 41, 42, and 43)..$.
An amended return must be marked "Amended" at top of return

41. Normal Tax (2% of Ite. 37)......
42. Normal Tax (4% of Item 39).

43. Normal Tax (6% of Item 40).
44. Surtax on Item 18 (sco Instruction
30)

45. Adjustment for Capital Gain or Loss
(12% % of Column 9, Schedule D).
5726375
46. Total of Items 41 to 45
7288516 47. Less Credit of 25% of Tax on Earned
Net Income (Item 29)....
400000 48. Total Tax (Item 46 minus 47) --------
6888516
400000
6488516

49. Less Income Tax paid at source....
50. Income and Profits Taxes paid to a
foreign country or U. S. possession.
51. Balance of Tax (Item 48 minus
Items 49 and 50).

80.00 160 00 389301 28175 10

$ 32308 21

51 bo 32257.21

32257 21

Checks and drafts will be accepted only if payable at par 2-13334

(Reproduction of Page 1 of Return)

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1. KIND OF PROPERTY

Taxes-$228.60

SCHEDULE C-PROFIT FROM SALE OF REAL ESTATE, STOCKS, BONDS, ETC. (See Instruction 6)
2. DATE ACQUIRED 3. AMOUNT RECEIVED

Corn Oats, Rye, etc.....

Stock

Stock

. Bonds

State how property was acquired.

4. DEPRECIATION PREVIOUSLY ALLOWED

1067 56

8. COST

6. VALUE AS OF
MARCH 1, 1913

7. SUBSEQUENT
IMPROVEMENTS

& NET PROFIT (Enter as Item 6)

106756

11237 66 (Less $1100.00, Gein Previous to 3/31/13).

1013766

517175 -1115 50

71492 10 11739 50

66320 35
12855 00

SCHEDULE D-CAPITAL NET GAIN OR LOSS FROM SALE OF ASSETS HELD MORE THAN TWO YEARS (See Instruction 6a)
6. COST

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SCHEDULE E-INTEREST ON LIBERTY BONDS AND OTHER OBLIGATIONS OR SECURITIES (See Instruction 8)

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EXPLANATION OF DEDUCTION FOR LOSSES BY FIRE, STORM, ETC., CLAIMED IN SCHEDULE A, AND IN ITEM 13

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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 14: Bad Debts Written Off During the Year.

Item 15: Contributions to Educational and Charitable Corporati ons

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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..

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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
American Steel Company, a domestic corpora-

tion, 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..

(c) A cash dividend received from the
Canadian Milling Company, a foreign corpor-
ation, which secures more than 50% of its in-
come from sources within the United States..

(d) A cash dividend received from the London Express Company, Ltd., a foreign corporation, which receives no income from sources within the United States..

800.00

1,750.00

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?

(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
Net Income from Farming Operations...

Total Income....

Prepare Mr. Esser's Income Tax Statement.

$10,000.00

212.50 4,000.00

$14,212.50

15. Harry Greber, a single man, has a taxable income of $30,000.00 for the current year. He also has the following

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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:

Receipts

Salary for the Fiscal Year Ending Dec. 31..
Interest on First Liberty 32% Bond (500 par)
Interest on Third Liberty Loan 44% Bonds (1000 par)
Interest on Fourth Liberty Loan 44% Bonds (1000 par)
Bonus from The Fort Wayne National Bank..

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$3,800.00 17.50

37.50

47.50

400.00

$4,302.50

$ 780.00

300.00

30.00

Total......

120.00

35.00

40.00

200.00

$1,505.00

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.

Salary....

Directors' Fees.

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.
Personal Household Expenses..

He Also Reports:

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Loss of a Dwelling House, by fire, from which he had
received Rents, no Insurance being carried...

Judgment rendered against him in his suit to collect on
the past due note of Harry Hanson:

Principal..

Interest..

Legal Expenses.

$2,000.00

320.00

1,200.00

150.00 2,470.00

Prepare statement showing computation of tax.

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