📄 Extracted Text (5,904 words)
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Black, Leon & Debra
Summary Report
2014 2015
Income:
Wages 90,403 90,403
Interest & Dividends 43.564.938 34,920,000
Self-employment Income 829,326 0
Capital Gains & Losses 244,223,629 42,910,000
Investment Interest Expense -6,706.802 0
Other Income 72.621.526 9.220.000
Total Income 354.623.020 87.140.403
Adjustments:
Self-employment Tax & Other Adjs 18.360 0
Total Adjustments 18,360 0
Adjusted Gross Income 354.604.660 87.140.403
Personal Exemptions 0 0
Itemized Deductions:
Charitable Contributions 49,457,948 20,000,000
Taxes 24,776,182 18,825,688
Interest Expense 12,635,823 6,255,000
3% AGI Floor -10.628.988 -2.604.915
Total Itemized 76,240,965 42,475,773
Standard Deduction 12,400 12,600
Total Deductions from AGI 76.240.965 42.475,773
Taxable Income 278.363.695 44.664.630
Regular Tax:
Schedule or Table Tax 110,178,776 17,633,109
Alternative Capital Gains Tax 62.455.000 9.222.749
Appropriate Regular Tax 62.455.000 9.222.749
Self-employment Tax 36.719 0
Net Alternative Minimum Tax 0 4,388,656
High Income HI, Medicare & Other Tax 9.943.392 2,355,576
Total Federal Taxes 72.435.111 15.966.981
Withholding & Estimated Tax Payments -68.424.938 -17.914
Total Payments -68.424.938 -17.914
Underpayment Penalty 0 287.209
Net Federal Tax Due 4.010.173 16.236.276
Resident State Tax 43,023,843 10,427,194
Resident State Estimated & W/H -39.640.567 0
EFTA01110600
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Black, Leon & Debra
Summary Report
2014 2015
Net Resident State Tax Due 3.383.276 10.427.194
Other Nonresident State Tax 578.027 0
Other Nonresident Estimated & W/H -520.615 0
Net Other Nonresident Tax Due 57.412 0
Total Net Tax Due 7.450.861 26,663,470
Marginal Nominal Federal Rate 40 28
Marginal Federal Rate with Phaseouts 41 28
Marginal Resident State Rate 13 13
Main Worksheet
2014 2015
Filing Status Joint Joint
Personal Exemptions 2 0
Ordinary Income 110,381,031 44,230,403
Net Short-term Gain or Loss 734.974 0
Net Long-term Gain or Loss 243.488,655 42,910,000
Adjusted Gross Income 354.604.660 87.140.403
Itemized Deductions 76,240,965 42,475,773
Standard Deduction 12.400 12.600
Taxable Income 278.363.695 44.664.630
AMTI Net of Exemption 292.510.889 60.885.403
Schedule or Table Tax 110.178,776 17,633,109
Alternative Capital Gains Tax 62,455,000 9,222,749
Tentative Minimum Tax 62,420,307 13,611,405
Self-Employment and Other Taxes 9.980.111 2,642,785
Federal Withholding & Estimated -68.424.938 -17.914
Net Federal Tax 4.010.173 16.236.276
State Tax 43,601,870 10,427,194
State Estimated & Withholding -40.161.182 0
Total Net Tax Liability 7.450.861 26.663.470
EFTA01110601
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Black, Leon & Debra
Ordinary Income
2014 2015
Wages 90,403 90,403
Interest and Dividends 43,564,938 34,920,000
Self-employment Income 829,326 0
Investment Interest Expense -6,706,802 0
Other Ordinary Income 72.621.526 9.220.000
Total Ordinary Income 110.399.391 44.230.403
Adjustments:
Self-employment Tax Deduction 18.360 0
Total Adjustments 18.360 0
Net Ordinary Income 110.381.031 44.230.403
Wages
2014 2015
Taxpayer's FICA Wages 90.403 90,403
Total Wages 90.403 90,403
Withholding:
Taxpayer's Federal Withholding 17.914 17,914
Taxpayer's Social Sec Withholding 5.605 5,605
Taxpayer's Medicare Withholding 1.310 1.310
Tp's Excess FICA & Add Medicare W/H 0 0
Tp's Tot W/H, Ex FICA & Add Medicare 17.914 17.914
Taxpayer's Totl Adjusted Withholding 17.914 17,914
Sp's Excess FICA & Add Medicare WIN 0 0
Sp's Tot W/H, Ex FICA & Add Medicare 0 0
Spouses Totl Adjusted Withholding 0 0
Total Federal Withholding 17.914 17.914
Total Resident State Withholding 0 0
Total NY Nonresident Withholding N/A N/A
Total Other Nonres State Withholding 0 0
EFTA01110602
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Black. Leon & Debra
Interest and Dividends
2014 2015
Net Qualified EE Bond Interest 0 0
Other Interest 43.564.938 34.920.000
Total Interest & Dividends 43.564.938 34.920.000
Self-employment Income & Loss
2014 2015
Taxpayer's Total Self-empl Inc/Loss 0 0
Spouses Self-employment Inc/Loss:
Other Self-employment Income 829.326 0
Spouse's Total Self-empl Inc/Loss 829.326 0
Total Self-employment Income 829.326 0
EFTA01110603
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Black, Leon & Debra
Investment Interest Expense
2014 2015
Sched E Inv Interest Exp
Individual Activities 6,706.802 0
Schedule A Interest (Itemized) 12.635.823 6.255.000
Total Current Investment Interest 19.342.625 6.255.000
Net Investment Income 116,186,464 44,140,000
Passive Activity Adjustment 0 0
Total Net Investment Income 116.186.464 44 140 000
Disallowance Before Transition Rule 0 0
Investment Income Entered Above 0 0
Investment Income After Adjustments 0 0
Ceiling Amount 0 0
Total of Investment Income & Ceiling 0 0
Disallowance Before Phase-out 0 0
Difference Between Disallowances 0 0
Phase-out Percentage 0 0
Pct Applied to Difference 0 0
Total Limit on Disallowance 0 0
Total Allowed Before Carryovers 19.342,625 6,255,000
Investment Income Over Current Int 96.843.839 37.885.000
Total Deduction Allowed 19.342.625 6.255.000
Schedule E Deduction (Ordinary) 6,706.802 0
Schedule A Deduction (Itemized) 12,635,823 6,255,000
Sched E Inv Interest Exp - Individual Activities
2014 2015
3 SCH E NON PASSIVE 6.706.802 0
Total 6.706.802 0
EFTA01110604
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Black, Leon & Debra
Net Investment Income
2014 2015
Auto Elect to Add Divs and Cap Gain? No No
Qualified Dividends 0 0
Auto Elected Dividend Addition 0 0
Other Interest and Dividends 43,564.938 34,920,000
Other Investment Income 72.621.526 9,220,000
Itemized Investment Casualty Loss 0 0
2% of AGI Floor Applicable 0 0
Net Investment Casualty Loss 0 0
Net Gain From Dispositions 0 0
Investment Net Cap Gain Reduction 0 0
Auto Elected Net Cap Gain Addition 0 0
Total Disposition Gain 0 0
Total Income & Gains 116.186.464 44,140,000
Investment Expenses: Itemized 0 0
2% of AGI Floor Applicable 0 0
Net Itemized Expenses 0 0
Total Investment Expenses 0 0
Adjustments to Expenses 0 0
Total Expenses Adjusted 0 0
Net Investment Income 116.186.464 44.140.000
Other Ordinary Income
2014 2015
Includible Social Security Benefits 0 0
Investment Income or Loss:
Other Ord Investmnt Income
Individual Activities 72,621,526 9,220,000
Total Other Ord Income 72.621,526 9.220.000
Other Ord Investmnt Income - Individual Activities
2014 2015
1 NON SE ORD 1411 9,106,938 9,220,000
2 NON SEE ORD NO 1411 63.514.588 0
Total 72.621.526 9.220.000
EFTA01110605
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Black. Leon & Debra
Capital Gains and Losses
2014 2015
Short-term Gain or Loss - Other 734.974 0
Net Short-term Gain or Loss 734.974 0
Child's Cap Gain Divs:Parent's Rtn 0 0
Other Long-term Gain or Loss 243,488.655 42.910.000
Net Long-term Gain or Loss 243,488.655 42.910.000
Total Capital Gain or Loss 244,223.629 42 910 000
Net Capital Gain 243,488.655 42,910,000
Total 28% Rate Gain or Loss 0 0
Net Short-term Loss 0 0
Net 28% Rate Gain 0 0
Total Unrecaptured §1250 Gain 0 0
Total Short-term & 28% Losses 0 0
Net Unrecaptured §1250 Gain 0 0
Qualified 5-Year Gain:
5-Yr Gain Purchased Pre-2001 N/A N/A
Total Pre-2001 5-Year Gain N/A N/A
5-Year Gain Purchased Post-2000 N/A N/A
Total Post-2000 5-Year Gain N/A N/A
Total Qualified 5-Year Gain N/A N/A
Other Long-term Gain or Loss
2014 2015
Other Long-term Gain or Loss 243.488,655 42.910,000
Total 243.488.655 42.910.000
EFTA01110606
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Black, Leon & Debra
Itemized Deductions
2014 2015
65 or Over? No No
Medical Expense 0 0
AGI Floor -35,460.466 -8.714.040
Net Deductible Medical 0 0
Other Net Personal Casualty Loss 0 0
10% of AGI -35.460.466 -8.714.040
Net Deductible Casualty 0 0
Charitable Contributions 49.457.948 20.000.000
State Income Taxes 24.776.182 18.825.688
Total State Income Taxes 24.776.182 18.825.688
Qualified Vehicle Tax Phased-out N/A N/A
Total Income & Vehicle Sales Taxes 24.776.182 18.825.688
Higher Tax Amount 24.776.182 18.825.688
Investment Interest Expense 12.635.823 6.255.000
Apply 1998 Tech Corr Casualty Rule Yes Yes
Miscellaneous Investment Expenses 0 0
2% of AGI -7.092.093 -1.742.808
Net Deductible Miscellaneous Expense 0 0
Total Itemized Before Floor 86,869.953 45,080,688
Medical, Casualty Inv Int & Gambling 12.635.823 6.255.000
Itemized w/o Med, Caslty, & Interest 74,234,130 38,825,688
3% AGI Floor Post 1990 -10.628.988 -2.604.915
Itemized After Floor 63.605.142 36.220.773
Total Itemized 76.240.965 42.475.773
EFTA01110607
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Black. Leon & Debra
Charitable Contributions
2014 2015
AGI for Limits 354.604.660 87.140.403
50% Charities:
Cash - Current 17.581.910 20.000.000
Total Cash 17.581.910 20.000.000
Total Capital Gain Property 0 0
30% Charities:
Cash - Current 800.000 0
Total Cash 800,000 0
Capital Gain Property - Current 31.076.038 0
Total Capital Gain Property 31.076.038 0
Total Charitable Before Conservation 49.457.948 20.000.000
Nonfarm Conservation:
Total Nonfarm Conservation 0 0
Farm Conservation:
Total Farm Conservation 0 0
Total Charitable Before Qualified 49.457.948 20,000,000
Qualified Contributions Allowed N/A N/A
Cash - Current
2014 2015
Cash - Current 17.581.910 20.000.000
Total 17.581.910 20.000.000
EFTA01110608
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Black, Leon & Debra
State Estimated and Withholding
2014 2015
State Credits:
Resident State 39,640.567 0
Other Nonresident State 520.615 0
Total State Credits 40.161.182 0
Federal Deduction:
Resident State 24,490,567 18,533,276
Other Nonresident State 285.615 292.412
Total Federal Deduction 24.776.182 18.825.688
Federal Refund Inclusion:
Total Net Refund 0 0
Tax Benefit Rule:
If AMT or Unused Crs Find Lowest Amt No No
Federal Refund Inclusion 0 0
Resident State Estimated & W/H Payments
2014 2015
State Credit:
Apply Prior Year Refund
to Current Year Estimated (YIN) No No
Auto Prepay Current Year Tax No No
Auto Prepay Prior Year Tax No No
April-Dec Estimated Payments 24,490,567 0
Auto Estimate (Prepay) Amount 0 0
Jan Estimate Paid Next Year 15.150.000 0
Total State Credit 39.640.567 0
Federal Deduction:
Estimate Paid For Prior Year:
Offset Refund vs Estimate No No
Include Whole Refund in Income No No
Total Prior Year State Credit 0 39,640,567
Estimate Paid for Prior Year 0 15,150,000
Payments for Current Year:
Total Est & WIN Paid:Current Year 24,490,567 0
Auto Deduct Current Year Tax No No
Auto Deduct Prior Year Tax No No
Auto Deduction Amount 0 0
Prior Year Deficiency Paid 0 3.383.276
Total Federal Deduction 24.490.567 18.533.276
EFTA01110609
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Black, Leon & Debra
Other Nonres State Estimated & W/H Payments: California
2014 2015
Nonres State Credit:
Apply Prior Year Nonres Refund
to Current Year Estimated (YIN) No No
Auto Prepay Current Year Nonres Tax No No
Auto Prepay Prior Year Nonres Tax No No
April-Dec Nonres Estimated Payments 285,615 0
Nonres Auto Estimate (Prepay) Amt 0 0
Nonres Jan Estimate Paid Next Year 235.000 0
Total Nonres State Credit 520.615 0
Federal Deduction for Nonres Tax:
Nonres Estimate Paid For Prior Year:
Offset Nonres Refund vs Estimate No No
Include Whole Nonres Ref in Income No No
Totl Prior Year Nonres State Credit 0 520.615
Nonres Estimate Paid for Prior Year 0 235,000
Nonres Payments for Current Year:
Total NR Est & WIN Paid:Current Yr 285.615 0
Auto Deduct Current Year Nonres Tax No No
Auto Deduct Prior Year Nonres Tax No No
Auto Deduction Amount 0 0
Prior Year Nonres Deficiency Paid 0 57,412
Total Fed Deduction for Nonres Tax 285,615 292,412
Personal Interest
2014 2015
Total Personal Interest 0 0
Disallowance 100 100
Disallowed 0 0
Allowed
EFTA01110610
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Black, Leon & Debra
Standard Deduction
2014 2015
Basic Standard Deduction 12,400 12,600
Additional Standard Deduction 0 0
Real Property Taxes N/A N/A
Total Property Taxes N/A N/A
Limit on Property Taxes N/A N/A
Pre 2011 Disaster Loss Deduction 0 0
Total Disaster Loss Deduction 0 0
Qualified Vehicle Sales Tax N/A N/A
Vehicle Sales Tax Phased-out N/A N/A
Total Standard Deduction 12.400 12.600
EFTA01110611
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Black, Leon & Debra
Alternative Minimum Tax
2014 2015
Taxable Income: 278.363.695 44.664.630
Preferences & Adjustments:
Taxes 24,776.182 18,825,688
Regular Tax Investment Interest 19,342.625 6,255,000
AMT Investment Interest -19,342,625 -6,255,000
Itemized Deduction Floor -10,628,988 -2,604,915
Private Activity Bond Interest 0 0
Section 1202 Exclusion Preference 0 0
Regular Tax Capital Loss or Gain -244,223,629 -42,910,000
AMT Capital Gain or Loss 244.223.629 42.910.000
Alt Min Taxable Income 292.510.889 60.885.403
AMT Exemption Before Phase-out 82.100 83.400
Adjusted AMT Exemption 82.100 83.400
Exemption After Phase-out 0 0
Taxable Excess 292.510.889 60.885.403
Tent Min Tax from Schedule 81,899,399 17,044,205
Tent Min Alt Capital Gains Tax 62.420.307 13.611.405
Tent Min Tax Bef AMT Foreign Tax Cr 62,420,307 13,611,405
AMT Foreign Tax Credit Allowed 0 0
Tentative Minimum Tax 62.420,307 13,611,405
Regular Tax Before Foreign Tax Cred 62,455,000 9,222,749
Foreign Tax Credit Allowed 0 0
Regular Tax 62.455.000 9.222.749
Alternative Minimum Tax 0 4.388.656
EFTA01110612
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Black. Leon & Debra
Investment Interest - Alt Min
2014 2015
Schedule E Investment Interest 6.706.802 0
Schedule A Investment Interest 12.635.823 6.255.000
Total AMT Interest 19.342.625 6.255.000
Regular Tax Non Disposition Income 116.186.464 44.140.000
Reg Tax Net Cap Gain - Investment 0 0
Reg Tax Other Disposition Gain/Loss 0 0
Net Gain From Dispositions 0 0
Investment Net Cap Gain Reduction 0 0
Election Amount 0 0
Private Activity Bond Interest 0 0
Qualified EE Bond Interest Adj 0 0
Investment Expenses: Ordinary 0 0
Total AMT Investment Income 116.186.464 44.140.000
AMT Investment Interest Deduction 19.342.625 6.255.000
EFTA01110613
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Black, Leon & Debra
AMT Charitable Contribution Adjustment
2014 2015
AGI for Limits 354.604.660 87.140.403
50% Charities:
Regular Tax Cash - Current 17.581.910 20.000.000
Total AMT Cash 17.581.910 20.000.000
Regular Tax Cap Gain Prop - Current 0 0
Total AMT Cap Gain Property 0 0
30% Charities:
Regular Tax Cash - Current 800,000 0
Total AMT Cash 800.000 0
Regular Tax Cap Gain Prop - Current 31.076.038 0
Total AMT Cap Gain Prop 31.076.038 0
Total AMT Chant Beore Conservation 49.457.948 20.000.000
Nonfarm Conservation:
Reg Tax Curr Yr Nonfarm Consent 0 0
Total AMT Nonfarm Conservation 0 0
Farm Conservation:
Reg Tax Curr Yr Farm Conservation 0 0
Total AMT Farm Conservation 0 0
Total AMT Charitable Bef Qualified 49.457.948 20.000.000
2005 & 2008 Qualified Contributions N/A N/A
Qualified Contributions Allowed N/A N/A
Total AMT Charitable Ded 49,457.948 20,000,000
Total Regular Tax Charitable Ded 49.457.948 20,000,000
AMT Charitable Adjustment 0 0
EFTA01110614
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Black. Leon & Debra
Capital Gain/Loss - Alt Min
2014 2015
Short-term Gain/Loss - Other 734.974 0
Net Short-term Gain/Loss 734.974 0
Other Long-term Gain/Loss: Reg Tax 243.488.655 42.910.000
Net Long-term Gain/Loss 243.488.655 42.910.000
Total Capital Gain/Loss 244.223.629 42.910.000
Net Capital Gain 243.488.655 42,910,000
Total 28% Gain or Loss 0 0
Net Short-term Loss 0 0
Net 28% Rate Gain 0 0
Total Unrecaptured Sec 1250 Gain 0 0
Total Short-term & 28% Losses 0 0
Net Unrecaptured Sec 1250 Gain
EFTA01110615
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Black, Leon & Debra
AMT Alternative Capital Gains Tax
2014 2015
1 AMT Taxable Excess 292.510,889 60.885.403
2 Net Capital Gain From Sales 243,488.655 42.910.000
3 Qualified Dividend Income 0 0
4 Total Net Capital Gain 243,488.655 42.910.000
5 Unrecaptured Sec 1250 Gain 0 0
6 28% Rate Gain 0 0
7 Total Adjustments (R5+R6) 0 0
8 Adjusted Net Cap Gain (R2-R7+R3) 243.488,655 42.910.000
9 Adjusted NCG + §1250 Gain (R5+R8) 243,488,655 42,910,000
10 Lesser of Above or NCG (R4,R9) 243,488,655 42,910,000
11 Taxable Less Above (R1-R10) 49.022.234 17.975.403
12 Tax on Row 11 from AMT Sched 13.722.576 5.029.405
13 Lesser:Adj NCG or Taxable(R8,R1) 243,488.655 42,910,000
14 Sec 1(h)(1)(B) Reg Tax Amount 0 0
15 Adj NCG in 15% Br <(R13,R14) 0 0
16 Post 5/5/03 Adjusted Net Cap Gain 243,488.655 42,910,000
17 >5/5/03 ANCG in 15% Br <(R15,R16) 0 0
18 5% Tax (R17 X 5%)(0% after 2007) 0 0
19 Total AMT Qualified 5-Year Gain 0 0
20 Remaining ANCG in 15% Br(R15-R17) 0 0
21 AMT 5Yr in 15% Br <(R19,R20) 0 0
22 8% Tax (R21 X 8°/O) 0 0
23 Remaining ANCG in 15% Br(R2O-R21) 0 0
24 10% Tax ((R23 X 10%) 0 0
25 Remaining Adj NCG (R13-R15) 243,488.655 42 910 000
26 Pre-2013 Calculations:
27 Remaining >5/5/03 ANCG (R16-R17) N/A N/A
28 >5/5/03 in Higher Brkts <(25,27) N/A N/A
29 15% Tax (R28 X 15%) N/A N/A
30 Remaining Adjusted NCG (R25-R28) N/A N/A
31 20% Tax (R30 X 20%) N/A N/A
32 Post 2012 Calculations:
33 Sec 1(h)(1)(C)(ii) Reg Tax Amount 0 0
34 ANCG Taxed at 15% <(R33,R25) 0 0
35 ANCG Taxed at 20% (R25-R34) 243.488,655 42.910.000
36 15% Tax (R34 X 15°/O) 0 0
EFTA01110616
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Black. Leon & Debra
AMT Alternative Capital Gains Tax
2014 2015
37 20% Tax (R35 X 20%) 48.697.731 8.582.000
38 Amounts Taxed Above (R11+R15+R25) 292.510.889 60.885.403
39 Remaining Taxable (R1-R38) 0 0
40 25% Tax on Remaining (R39 X 25%) 0 0
41 AMT Alt Cap Gains Tax (R12+R18+
42 +R22+R24+R29+R31+R36+R37+R40) 62.420.307 13.611.405
43 AMT Marginal Rate for Ordinary 28 28
44 Apply 2004 Technical Correction? N/A N/A
EFTA01110617
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Black, Leon & Debra
Alternative Capital Gains Tax
2014 2015
1 Taxable Income 278.363.695 44.664.630
2 Net Capital Gain From Sales 243,488.655 42,910,000
3 Qualified Dividend Income 0 0
4 Total Net Capital Gain 243.488.655 42.910.000
5 Unrecaptured Section 1250 Gain 0 0
6 28% Rate Gain 0 0
7 Total Adjustments (R5+R6) 0 0
8 Adjusted Net Cap Gain (R2-R7+R3) 243.488,655 42.910.000
9 Taxable Less Adj NCG (R1-R8) 34,875,040 1,754,630
10 Taxable Below 25% 73,800 74,900
11 Lesser:15% Br or TI-ANCG<(R9,R10) 73,800 74,900
12 Taxable Less NCG (R1-R4) 34,875,040 1,754,630
13 Greater of Row 11 or Row 12 34.875.040 1.754.630
14 Tax on Row 13 13.757.269 640.749
15 Lesser:Adj NCG or Taxable (R1,R8) 243,488,655 42,910,000
16 15% Bracket 73,800 74,900
17 Taxable less Adj NCG (R1-R8) 34,875.040 1,754,630
18 Excess 15% bracket (R16-R17) 0 0
19 Adj NCG in 15% Br <(R15,R18) 0 0
20 Post 5/5/03 Adjusted Net Cap Gain 243,488,655 42,910,000
21 >5/5/03 ANCG in 15% Br <(R19,R20) 0 0
22 5% Tax (R21 X 5%)(0% after 2007) 0 0
23 Total Qualified 5-Year Gain
ℹ️ Document Details
SHA-256
331c0c1d5c241c318d640bee3312e6d977be1404dc7d3f869d8a0a20273c9949
Bates Number
EFTA01110600
Dataset
DataSet-9
Document Type
document
Pages
36
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