Publisher's Synopsis
Excerpt from Report on Returns of Individuals Engaged in Direct-Selling Activities, 1982
Each example of a taxpayer return is divided into three parts: (1) summary of income and deductions as shown on the return, (2) composition of business loss claimed on the return, and (3) the tax savings resulting from claiming a net business loss on the return.
The first part of each example shows gross income (wages, total business gross income, and other income); adjusted gross income (gross income minus total business deductions); and taxable income (adjusted gross income minus itemized deductions and personal exemptions as shown on the return). The second part includes a detailed listing of categories of claimed deductions that comprise the total business deductions shown in the first part. The final part of each example shows the tax savings that resulted from offsetting the claimed net business losses against wage or other income. This tax savings computation assumes that the individual had sufficient valid business deductions to offset all gross income from the selling activity.
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