Evaluate the tax rules for a parsonage

Assignment Help Taxation
Reference no: EM132935

Question:

Below is an extra credit tax case. Read the facts and the issues. Give final case in the form of a 1-2 page memo using the Facts/Issues/Analysis/ Authorities /Conclusion format, with these titles clearly labeled. You can use the Facts and Issues section below directly in your memo.

Facts

A congregation needs to assist an Imam with housing, and makes donations to their mosque accordingly.

Issues

1. Evaluate the tax rules for a parsonage usually?

2. Under each of the subsequent conditions, what are the tax implications to the Imam and mosque?

a. The mosque provide the donated money to the Imam to purchase a house

b. The mosque loans the money to the Imam, interest free, for him to purchase a house

c. The mosque constructs a house for the Imam to live in, rent-free

Reference no: EM132935

Questions Cloud

Make entries in the journals of the capital projects fund : Make the appropriate entries in the general journals of the Capital Projects Fund
Create an xml document containing information : Create an XML document containing information.
Plan an er diagram : Plan an ER diagram
Create a database for the company : Create a database for the company.
Evaluate the tax rules for a parsonage : Evaluate the tax rules for a parsonage usually? Under each of the subsequent conditions, what are the tax implications to the Imam and mosque?
Create an employee class with enough numbers : Create an Employee class with enough numbers.
Evaluate clarks tax basis in his kal-el interest : Evaluate Clark's tax basis in his Kal-El interest on December 31, 20X1?
Determine the amount of interest capitalized in 2013 : Determine the amount of interest capitalized in 2013 for the building using the definite interest method.
Contrast the monopolist and the monopolistic firm : Compare and contrast the monopolist and the monopolistic firm Monopolistic competition is an inefficient form of organisation. Discuss

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd