Reference no: EM13510916
1. Barry a real estate developer wants to form a corporation to conceal his (or her) identity.
Use the following Supreme Court case to identify the tax issues and suggest a recommendation: Commissioner v. Bollinger, Supreme Court of the United States, 1988, 485 U.S. 340
2. Lunar a closely held corporation owes money to one of it's shareholder employees Mo. Mo has decided to discontinue the business and wants to write off the loans as a bad debt expenseher personal tax return.
Use the following Supreme Court case to identify the tax issues and make a recommendation: United States v. Generes, Supreme Court of the United States, 1972, 405 U.S. 93
Other references: Internal Revenue code sections 165(g)(1),(2); section 166(a), (b), (d), (e); section 1244; section 1271(a)(1); Regulations section 1.166-5
3. Joe owns 100% of Coffee corporation. Coffee wants to purchase a piece of land for commercial development in a joint venture with Joes daughter Ilene. Coffee makes a down payment and borrows the funds from a local bank. An option agreement (which expires in one year) is given to Ilene so she can purchase ½ the property for $50,000.00.
Use the following court case to identify the tax issues and suggest a recommendation. Baumer v. United States, United States Court of Appeals, Fifth circuit, 1978, 580 F.2d 863
Other references: Internal Revenue Code sections 61(a)(7), section 301(a), (b), section 316(a); 317(a), Regulations section 1.301-1(c),(j), (m).
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