Chapter 20: Income Taxation and Value Robb Page 22-Apr-2010 FIN 497: Real Estate Principles Professor Clements Explore the Web – pages 555-556. Visit http://www.irs.gov/ Download the current year’s 1040 and Schedule E forms. Partially complete the forms to calculate the tax for fictional taxpayer Ms. Long, using the data provided in the book. a. What is Ms. Long’s total tax? • This is a ludicrous question, because important and relevant information was omitted, such as W-2 Federal Tax deductions for the year, etc. And assuming that no Federal tax deductions were made by her employer, then Ms. Long, earning $100,000 and having additional interest income of $4000, rental income of $11,869, and ordinary dividends of $2,000, will surely OWE, not be entitled to a refund. Also, not knowing what her employment type is, and whether or not she’s entitled to itemize deductions for business, is another necessary piece of the puzzle. Thus, having taken liberties to “complete” the missing information, and
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Taxation in the United States, Ms. Long, federal tax deductions