EFTA01110600

3-27-15 : 9:09 p.m. Page: 1 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 3-27-15 : 9:09 p.m. Page: 2 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 3-27-15 : 9:09 p.m. Page: 3 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 3-27-15 : 9:09 p.m. Page: 4 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 3-27-15 : 9:09 p.m. Page: 5 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 3-27-15 : 9:09 p.m. Page: 6 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 3-27-15 : 9:09 p.m. Page: 7 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 3-27-15 : 9:09 p.m. Page: 8 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 3-27-15 : 9:09 p.m. Page: 9 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 3-27-15 : 9:09 p.m. Page: 10 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 3-27-15 : 9:09 p.m. Page: 11 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 3-27-15 : 9:09 p.m. Page: 12 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 3-27-15 : 9:09 p.m. Page: 13 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 3-27-15 : 9:09 p.m. Page: 14 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 3-27-15 : 9:09 p.m. Page: 15 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 3-27-15 : 9:09 p.m. Page: 16 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 3-27-15 : 9:09 p.m. Page: 17 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 3-27-15 : 9:09 p.m. Page: 18 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 3-27-15 : 9:09 p.m. Page: 19 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 0 0 24 Remaining ANCG in 15% Br(R19-R21) 0 0 25 5 Yr Gain in 15% Br <(R23,R24) 0 0 26 8% Tax (R25 X 8%) 0 0 27 Remaining ANCG in 15% Br(R24-R25) 0 0 28 10% Tax (R27 X 10%) 0 0 29 Remaining Adj NCG (R15-R19) 243,488,655 42,910,000 30 Pre-2013 Calculations: 31 Remaining >5/5/03 ANCG (R20-R21) N/A N/A 32 >5/5/03 in Higher Brkts <(29,31) N/A N/A 33 15% Tax (R32 X 15%) N/A N/A 34 Remaining Adjusted NCG (R29-R32) N/A N/A 35 20% Tax (R34 X 20%) N/A N/A 36 Post 2012 Calculations: 37 Taxable at <39.6% 457,600 464,850 38 Amounts Taxed Above (R13+R19) 34.875,040 1.754.630 39 Remaining Under 39.6% (R37-R38) EFTA01110618 3-27-15 : 9:09 p.m. Page: 20 Black, Leon & Debra Alternative Capital Gains Tax 2014 2015 40 ANCG Taxed at 15% <(R29,R39) 0 0 41 ANCG Taxed at 20% (R29-R40) 243.488.655 42.910.000 42 15% Tax (R40 X 15%) 0 0 43 20% Tax (R41 X 20%) 48,697.731 8.582.000 44 Lesser:NCG or 1250 Gain <(R2,R5) 0 0 45 Amt Taxed Above + NCG (R13+R4) 278,363,695 44,664,630 46 Taxable Income (R1) 278,363,695 44,664,630 47 NCG Taxed Above (R45-R46) 0 0 48 Remaining 1250 Gain (R44-R47) 0 0 49 25% Tax (R48 X 25%) 0 0 50 Amts Taxed Above(R13+R19+R29+R48) 278,363.695 44,664,630 51 Balance of Taxable (R1-R50) 0 0 52 28% Tax on Balance (R51 X 28%) 0 0 53 Alt Cap Gains Tax: (R14+R22+R26 54 +R28+R33+R35+R42+R43+R49+R52) 62.455.000 9.222.749 55 Marginal Rate for Ordinary 41 41 Credits 2014 2015 Total Personal Credits 0 0 Total 0 0 Total Nonrefundable Credits 0 0 Payments: Withhold & Estimated Tax Payments 68.424.938 17,914 Total Payments 68.424,938 17,914 Additional Pmt Required of 93 Inst EFTA01110619 3-27-15 : 9:09 p.m. Page: 21 Black, Leon & Debra Minimum Tax Credit 2014 2015 Taxable Income 278.363.695 44.664.630 Exclusion Preferences & Adjustments 14.147.194 16.220.773 Total Exclusion Prefs & Adjs 14.147.194 16.220.773 AMTI W/ Only Exclusion Prefs & Adjs 292,510,889 60,885,403 Exemption 0 0 Taxable Excess 292.510.889 60.885.403 Tent Min Tax from Schedule 81,899,399 17,044,205 Tent Min Alt Cap Gains Tax 62,420,307 13,611,405 Foreign Earned Inc Tent Min Tax N/A N/A Tentative Minimum Tax W/ Only Excl 62.420,307 13,611,405 Regular Tax -62.455.000 -9.222.749 Net Min Tax With Only Exclusion Pref 0 4.388.656 Net Minimum Tax 0 4,388,656 Net Minimum Tax With Only Exclusion Preferences 0 4.388.656 Credit Generated 0 0 Total Credit 0 0 Total Credit After Adjustment 0 0 AMT Refundable Credit Amount: Prior Year LT Credit Amount N/A 0 Tentative Refundable Credit Amount 0 0 Refundable Credit Amount 0 0 Adj for Prior Yr ISO Int & Penalty 0 0 Total Refundable Credit Amount 0 0 Nonrefundable Credit Allowed 0 0 Refundable Credit Allowed 0 0 Total Carried to Future Years 0 0 Apply 2004 Technical Correction? N/A N/A EFTA01110620 3-27-15 : 9:09 p.m. Page: 22 Black, Leon & Debra Withholding, Estimated & Penalty 2014 2015 Compute Underpayment Penalty No Yes Use Old Rates for 93 Penalty N/A N/A Special Disaster Due Dates (YIN) No No 1st Payment Due Date 04/15/2014 04/15/2015 2nd Payment Due Date 06/15/2014 06/15/2015 3rd Payment Due Date 09/15/2014 09/15/2015 4th Payment Due Date 01/15/2015 01/15/2016 Final Payment Due Date 04/15/2015 04/15/2016 Prior Year AGI 0 354.604,660 Qualified Small Business Individual? N/A N/A 90% of Modified Current Year Tax N/A N/A Prior Year Tax 0 72,435,111 Prior Year Safe Harbor Amount 0 79,678,622 90% of Current Year Actual Tax 0 14.370.283 Required Annual Payment 0 14.370.283 Withholding From Wages Worksheet 17,914 17,914 Apply Refund to Estimated No No Current Year 1st Required Payment 0 3,592,571 1st Quarter Withholding Applied 0 -4,479 Prior Year Refund Applied 0 0 Net Current Year 1st Payment Due 0 3,588,092 Current Year 1st Payment Made 0 0 Current Year 1st Payment Date 04/15/2014 04/15/2015 Current Year 2nd Required Payment 0 3,592,571 2nd Quarter Withholding Applied 0 -4,479 Previous Period Under(Over)Payment 0 3.588.092 Net Current Year 2nd Payment Due 0 7,176,184 Current Year 2nd Payment Made 0 0 Current Year 2nd Payment Date 06/15/2014 06/15/2015 Current Year 3rd Required Payment 0 3,592,571 3rd Quarter Withholding Applied 0 -4,479 Previous Period Under(Over)Payment 0 7,176,184 Net Current Year 3rd Payment Due 0 10,764,276 Current Year 3rd Payment Made 68.407.024 0 Current Year 3rd Payment Date 09/15/2014 09/15/2015 Next Year Required Payment 0 3,592,571 4th Quarter Withholding Applied 0 -4,479 Previous Period Under(Over)Payment 0 10.764.276 Net Next Year Payment Due 0 14,352,368 Next Year Payment Made 0 0 Next Year Payment Date 01/15/2015 01/15/2016 Final Payment Date 04/15/2015 04/15/2016 EFTA01110621 3-27-15 : 9:09 p.m. Page: 23 Black, Leon & Debra Withholding, Estimated & Penalty 2014 2015 Total Estimated & Withholding 68.424.938 17.914 Underpayment Penalty 0 287.209 Total Underpayment Penalty 0 287.209 Current Year 3rd Payment Made 2014 2015 TOTAL ESTIAMTES FED 68.407,024 0 Total 68.407.024 0 Self-Employment & Other Taxes 2014 2015 Taxpayer's Self-Employment Tax 0 0 Spouses Self-Employment Tax 36,719 0 High-Income Hosp Ins Tax 5,457 0 Medicare Investment Income Tax 9,937.935 2,355,576 Underpayment Penalty 0 287,209 Total Self-Employment & Other Taxes 9.980,111 2.642,785 EFTA01110622 3-27-15 : 9:09 p.m. Page: 24 Black, Leon & Debra High-Income Hospital Insurance Tax 2014 2015 Taxpayer's HI Wages 90,403 90,403 Spouses HI Wages 0 0 Total Wages 90,403 90,403 Exemption -250.000 -250.000 Net Taxable Wages 0 0 Tax 0 0 Taxpayers Self-employment 0 0 Spouses Self-employment 765.883 0 Total Self-employment 765,883 0 Exemption 250,000 250,000 Reduction for Wages -90.403 -90.403 Net Exemption 159.597 159.597 Taxable Self-employment 606.286 0 Net Tax on Self-employment 5.457 0 Total High-Income HI Tax 5.457 0 EFTA01110623 3-27-15 : 9:09 p.m. Page: 25 Black, Leon & Debra Medicare Investment Income Tax 2014 2015 Interest and Dividends 43.564.938 34,920,000 Other Investment Income 72.621.526 9.220.000 Total Gross Investment Income 116.186.464 44.140.000 Net Disposition Gain: Nonbusiness Net Capital Gain/Loss 244,223.629 42,910,000 Adjustment for Active Business G/L -58.444.573 0 Net Gain From Dispositions 185.779.056 42 910 000 Total Income & Net Gain 301.965.520 87,050,000 State Income Taxes: Investment 21.098.292 18.806.157 Tot Itemized & Taxes Before 3% Floor 21.098.292 18.806.157 Net Itemized and Taxes After Floor 21,098,292 18,806,157 Investment Interest Expense 19.342.625 6.255.000 Total Investment Expenses 40.440.917 25.061.157 Total Expenses Adjusted 40.440.917 25.061.157 Net Investment Income 261.524.603 61.988.843 Modified AGI 354,604,660 87,140,403 Threshold Amount -250.000 -250,000 Excess Over Threshold 354.354.660 86.890.403 Lesser of Inv Income or Threshold 261.524.603 61.988.843 Medicare Inv Income Tax 9.937.935 2.355.576 EFTA01110624 3-27-15 : 9:09 p.m. Page: 26 Black. Leon & Debra Allocable State Income Tax Deduction 2014 2015 Calculate Deduction? Yes Yes Total Investment Income & Net Gain 301.965.520 87.050.000 Adjusted Investment Income & Gain 301.965.520 87.050.000 Adjusted Gross Income 354.604.660 87.140.403 Total Adjusted AGI 354.604.660 87.140.403 Investment Percentage 85.155541949 99.89625593 Total State Income Tax Deduction 24.776.182 18.825.688 Adjusted State Income Tax Deduction 24.776.182 18.825.688 Allocated Row 8 x 11 21.098.292 18.806.157 Net Adjusted State Income Tax 21.098.292 18.806.157 State Tax Refund: Investment 2014 2015 Compute Refund Inclusion (YIN) Yes Yes State Tax Refund 0 0 Total State Tax Refund 0 0 Prior Year State Tax 0 24,776,182 Prior Year Deduction 0 21.098.292 Prior Year Percentage 0 85.155541949 % X Refund 0 0 Prior Year Deduction After 3% Floor 0 21.098.292 Refund Inclusion 0 0 Total Refund Inclusion 0 0 EFTA01110625 3-27-15 : 9:09 p.m. Page: 27 Black, Leon & Debra State Tax - Main Worksheet: New York City Res 2014 2015 State Filing Status Joint Joint Federal AGI 354.604.660 87.140.403 State AGI 354.604.660 87.140.403 State Itemized Deductions 12,364.487 5,000,000 State Standard Deduction 15.650 15.850 State Taxable Income 342.240.173 82.140 403 State Regular Tax 30,185,583 7,244,784 State Supplementary Tax 13,263,877 3,182,410 State Nonrefundable Credits -425.617 0 State Minimum Tax 0 0 Other Nonresident Tax 578.027 0 Total State Tax 43.601.870 10.427.194 State Itemized Deductions: New York City Res 2014 2015 Total Federal Itemized 76,240,965 42,475,773 State Tax Adjustment -21,228,680 -17,562,624 Calif 2005 Contribution Adj 0 0 Calif 2005 Casualty Adjustment 0 0 Total State Itemized 12.364.487 5.000.000 3% AGI Floor 0 0 Total Recomputed Itemized 0 0 State Standard Deduction: New York City Res 2014 2015 AGI for STD/ZBA Calculation 354.604.660 87.140.403 Total AGI for STD/ZBA Calculation 354.604.660 87.140.403 Minimum Allowed 15,650 15,850 Maximum Allowed 15.650 15.850 Amount Before Adjustment 15.650 15.850 State Standard Deduction or ZBA 15.650 15.850 EFTA01110626 3-27-15 : 9:09 p.m. Page: 28 Black, Leon & Debra State Supplementary Tax: New York City Res 2014 2015 State Supplementary Tax: Massachusetts Loss Offset 0 0 Massachusetts Loss Offset 0 0 State Taxable Income 342,240.173 82.140.403 Total State Supp Tax Base 342.240.173 82.140.403 State Suppl Tax from Rate or Sched 13,263.877 3,182,410 Mass Interest & Dividends Tax 0 0 NY Unearned Income Tax 0 0 Total State Supplementary Tax 13.263,877 3.182.410 State Nonrefundable Credits: New York City Res 2014 2015 Ohio Joint Filing Credit(Y/N) No No State Nonrefundable Credits: Credit for Other Nonresident Tax 425.617 0 Total State Nonrefundable Credits 425.617 0 EFTA01110627 3-27-15 : 9:09 p.m. Page: 29 Black. Leon & Debra Credit for Other State Tax - Res: New York City Res Nonres: California 2014 2015 Compute Credit Yes No Cr Allowed by Res or Nonres State Resident Resident Nonresident Income 5,004.436 0 Adjusted Nonres Income 5,004.436 0 Nonresident Tax 543.786 0 Adjusted Nonresident Tax 543.786 0 Resident Income 354.604.660 0 Adjusted Resident Income 354.604.660 0 Resident Tax 30.185.583 0 Adjusted Resident Tax 30.185.583 0 Method 1: Ratio:Nonres Inc/Resident Inc 1.41 0 X Resident Tax 425.617 0 Method 2: Tax on NR Inc at Resident Rates N/A 0 Adjusted Tax at Resident Rates N/A 0 Method 3: Net Resident Income 337.235.737 0 Tax on Net Resident Income 29.744.192 0 Adjusted Tax on Net Resident Income 29.744.192 0 Difference Between Taxes 441.391 0 Credit For Other State Tax 425.617 0 Adjusted Credit for Other State Tax 425.617 0 EFTA01110628 3-27-15 : 9:09 p.m. Page: 30 Black, Leon & Debra State Minimum Tax: New York City Res 2014 2015 State Minimum Tax Base: New York Regular Tax -29.759.966 -7.244.784 Total Min Tax Base Before Exemption -29,759.966 -7,244,784 State Minimum Tax Exemption 0 0 Net State Minimum Tax Base 0 0 State Minimum Tax from Schedule 0 0 State Regular Tax 0 0 Total State Regular Tax 0 0 State Minimum Tax 0 0 Nonresident State Tax - Main Worksheet: California 2014 2015 Nonres State Filing Status Joint Joint Number of Personal Exemptions 2 0 Federal AGI 354.604.660 87.140.403 Nonres State AGI 354,604,660 87,140,403 Nonres State Itemized Deductions 40,838,661 21,047,746 Nonres State Standard Deduction 7.984 7.984 Nonresident State Taxable Income 313.765.999 66.092.657 Allocated Nonres State Taxable Incom 313.765.999 66.092.657 Nonresident State Regular Tax 38.566.409 8.102.588 Nonresident Regular Base Tax 38.566.409 8,102.588 Nonresident Source Income 5,004,436 0 Ratio:Nonres Income/Resident Income 1.41 0 Allocated Nonresident Regular Tax 543,786 0 Nonresident State Minimum Tax 0 0 California Nonresident Surtax 34.241 0 Total Nonresident State Tax 578.027 0 EFTA01110629 3-27-15 : 9:09 p.m. Page: 31 Black, Leon & Debra Nonresident State Tax Personal Exemptions: California 2014 2015 No. of Class 1 Exemptions 2 0 Allocation: Ratio:Nonres Source Inc/Total Inc N/A N/A Allocated Exemption Deduction N/A N/A Allocated Exemption Credit N/A N/A Nonresident State Itemized Deductions: California 2014 2015 Total Federal Itemized 86,869.953 45,080,688 State Tax Adjustment -24,776.182 -18,825,688 Calif 2005 Contribution Adj 0 0 Calif 2005 Casualty Adjustment 0 0 California 6% AGI Floor -21.255.110 -5.207.254 Total Nonres State Itemized 40.838.661 21.047.746 Recomputed Itemized: 3% AGI Floor 0 0 Total Recomputed Itemized 0 0 Allocation: Ratio:Nonres Source Income/Total Inc N/A N/A Allocated Nonres Itemized Deductions N/A N/A Nonresident State Standard Deduction: California 2014 2015 AGI for STD/ZBA Calculation 354.604.660 87.140.403 Total AGI for STD/ZBA Calculation 354.604.660 87.140.403 Minimum Allowed 7,984 7,984 Maximum Allowed 7.984 7,984 Amount Before Adjustment 7,984 7,984 Nonres State Standard Ded or ZBA 7.984 7.984 Allocation: Ratio:Nonres Source Income/Total Inc N/A N/A Allocated Nonres State Std Ded/ZBA N/A N/A EFTA01110630 3-27-15 : 9:09 p.m. Page: 32 Black. Leon & Debra Nonresident State Supplementary Tax: California 2014 2015 Nonresident State Supplementary Tax: Nonresident State Taxable Income 4.424.101 0 Total Nonres State Supp Tax Base 4.424.101 0 Nonres State Supp Tax fr Rate/Sched 34,241 0 Total Nonres State Supplementary Tax 34.241 0 Nonresident Source Income: California 2014 2015 Items to Include (YIN): Taxpayer's Wages No No Spouse's Wages No No Taxpayer's Self-employment Income No No Spouse's Self-employment Income No No Nonresident Source Income: Wages 0 0 Self-employment Income 0 0 Adjustments to Nonres Source Inc 5.004.436 0 Total Nonresident Source Income 5.004.436 0 EFTA01110631 3-27-15 : 9:09 p.m. Page: 33 Black, Leon & Debra California Nonresident Minimum Tax Credit 2014 2015 California Taxable Income 313.765.999 66.092.657 Federal Exclusion Preferences & Adjs 0 0 Calif Exclusion Preferences & Adjs -21,255.110 -5.207.254 Total Calif Exclusion Prefs & Adjs -21,255.110 -5.207.254 Calif AMTI WI Only Excl Prefs & Adjs 292,510.889 60,885,403 Exemption 0 0 Taxable Excess 292,510.889 60.885.403 Cal Tent Min Tax W/ Only Excl Items 20,475.762 4,261,978 Minimum Tax Ratio: Cal AMTI W/Only Excl Preis & Adjs 292.510.889 60,885,403 Itemized Deduction Adjustment 62.093.771 26.255.000 Adjusted CA AMT Exclusion AGI 354.604.660 87.140.403 Nonresident Calif Source Income 5.004.436 0 Total AMT Nonres Min Tax Source Inc 5.004.436 0 Nonres State Minimum Tax Ratio 1.41 0 Allocated Nonres CA Tent Min Tax 288.708 0 California Regular Tax 543,786 0 Cal Net Min Tax With Only Excl Items 0 0 Net Calif Minimum Tax 0 0 Net Calif Min Tax With Only Exclusion Preferences & Adjs 0 0 Credit Generated 0 0 Allowed in Current Year 0 0 Carried to Future Years 0 0 EFTA01110632 3-27-15 : 9:09 p.m. Page: 34 Black, Leon & Debra Nonresident State Minimum Tax: California 2014 2015 Nonresident State Minimum Tax Base: Nonresident State Taxable Income 313,765.999 66,092,657 California Itemized Deduction Floor -21.255.110 -5.207.254 Total Min Tax Base Before Exemption 292,510,889 60,885,403 Nonres State Minimum Tax Exemption 0 0 Net Nonres State Minimum Tax Base 292.510.889 60.885.403 Nonres State Minimum Tax from Sched 20.475.762 4.261 978 Minimum Tax Ratio: Total Min Tax Base Before Exemption 292.510.889 60,885,403 Itemized Deduction Adjustment 62.093.771 26.255.000 Total Nonres State Minimum Tax AGI 354.604.660 87.140.403 Nonresident State Source Income 5.004.436 0 Total Nonres Min Tax Source Income 5.004.436 0 Nonres State Minimum Tax Ratio 1.41 0 Allocated Nonres State Tent Min Tax 288.708 0 Nonresident State Regular Tax 543.786 0 Total Nonres State Regular Tax 543,786 0 Nonresident State Minimum Tax 0 0 NON SE ORD 1411 2014 2015 NONPASSIVE ITEMS: Other Ord Investmnt Income 9,106,938 9,220,000 NON SEE ORD NO 1411 2014 2015 NONPASSIVE ITEMS: Other Ord Investmnt Income 63,514,588 0 SCH E NON PASSIVE 2014 2015 NONPASSIVE ITEMS: Sched E Inv Interest Exp 6,706,802 0 EFTA01110633 3-27-15 : 9:09 p.m. Black. Leon & Debra Table of Contents Worksheet Page Summary Report 1 Main Worksheet 2 Ordinary Income 3 Wages 3 Interest and Dividends 4 Self-employment Income & Loss 4 Investment Interest Expense 5 Sched E Inv Interest Exp - Individual Activities 5. Net Investment Income 6 Other Ordinary Income 6 Other Ord Investmnt Income - Individual Activities .6 Capital Gains and Losses 7 Other Long-term Gain or Loss 7 Itemized Deductions 8 Charitable Contributions 9 Cash - Current 9 State Estimated and Withholding 10 Resident State Estimated & W/H Payments 10 Other Nonres State Estimated & W/H Payments: California 11 Personal Interest 11 Standard Deduction 12 Alternative Minimum Tax 13 Investment Interest - Alt Min 14 AMT Charitable Contribution Adjustment 15 Capital Gain/Loss - Alt Min 16 AMT Alternative Capital Gains Tax 17 Alternative Capital Gains Tax 19 Credits 20 Minimum Tax Credit 21 Withholding, Estimated & Penalty 22 Current Year 3rd Payment Made 23 Self-Employment & Other Taxes 23 High-Income Hospital Insurance Tax 24 Medicare Investment Income Tax 25 Allocable State Income Tax Deduction 26 State Tax Refund: Investment 26 State Tax - Main Worksheet: New York City Res 27 State Itemized Deductions: New York City Res 27 State Standard Deduction: New York City Res 27 State Supplementary Tax: New York City Res 28 State Nonrefundable Credits: New York City Res 28 Credit for Other State Tax - Res: New York City Res Nonres: California 29 State Minimum Tax: New York City Res 30 Nonresident State Tax - Main Worksheet: California 30 Nonresident State Tax Personal Exemptions: California 31 Nonresident State Itemized Deductions: California 31 Nonresident State Standard Deduction: Califomia .31 Nonresident State Supplementary Tax: California 32 Nonresident Source Income: California .32 California Nonresident Minimum Tax Credit 33 Nonresident State Minimum Tax: California 34 NON SE ORD 1411 .34 NON SEE ORD NO 1411 34 SCH E NON PASSIVE 34 EFTA01110634 3-27-15 : 9:09 p.m. Black. Leon & Debra Index Worksheet Page AMT Alternative Capital Gains Tax 17 AMT Charitable Contribution Adjustment 15 Allocable State Income Tax Deduction 26 Alternative Capital Gains Tax 19 Alternative Minimum Tax 13 California Nonresident Minimum Tax Credit 33 Capital Gain/Loss - Alt Min 16 Capital Gains and Losses 7 Cash - Current 9 Charitable Contributions 9 Credit for Other State Tax - Res: New York City Res Nonres: California 29 Credits 20 Current Year 3rd Payment Made 23 High-Income Hospital Insurance Tax 24 Interest and Dividends 4 Investment Interest - Alt Min 14 Investment Interest Expense 5 Itemized Deductions 8 Main Worksheet 2 Medicare Investment Income Tax 25 Minimum Tax Credit 21 NON SE ORD 1411 .34 NON SEE ORD NO 1411 34 Net Investment Income 6 Nonresident Source Income: California .32 Nonresident State Itemized Deductions: Califomia 31 Nonresident State Minimum Tax: California 34 Nonresident State Standard Deduction: California .31 Nonresident State Supplementary Tax: California 32 Nonresident State Tax - Main Worksheet: California 30 Nonresident State Tax Personal Exemptions: California 31 Ordinary Income 3 Other Long-term Gain or Loss 7 Other Nonres State Estimated & W/H Payments: California 11 Other Ord Investmnt Income - Individual Activities .6 Other Ordinary Income 6 Personal Interest 11 Resident State Estimated & W/H Payments 10 SCH E NON PASSIVE 34 Sched E Inv Interest Exp - Individual Activities 5. Self-Employment & Other Taxes 23 Self-employment Income & Loss 4 Standard Deduction 12 State Estimated and Withholding 10 State Itemized Deductions: New York City Res 27 State Minimum Tax: New York City Res 30 State Nonrefundable Credits: New York City Res 28 State Standard Deduction: New York City Res 27 State Supplementary Tax: New York City Res 28 State Tax - Main Worksheet: New York City Res 27 State Tax Refund: Investment 26 Summary Report 1 Wages 3 Withholding, Estimated & Penalty 22 X-1 EFTA01110635