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You are the Tax Manager at a large firm. The firm has experienced significant growth in its tax practice. As a result, several new tax staff members were hired. Most of the new tax staff just graduated and have minimal hands-on tax experience. You are a mentor for a number of these new hires and need to help them with their work. Tax research is a skill that every tax accountant should possess. These skills allow tax accountants to provide value-added services to its clients. In addition, these skills are needed to evaluate nonroutine, unusual transactions. Tax research may be needed to defend a tax position questioned by the IRS. One important concept to understand within tax research is the hierarchy of the tax authoritative sources.
Prepare an interoffice decision-aid/memo to your tax staff including the following:
The primary and secondary authoritative sources, a description, and the differences between them.
The steps needed to conduct tax research, including the use of tax research databases.
Yield To Maturity of 6.80 percent, and a current price of $1,045. The bonds make semiannual payments. What must the coupon rate be on these bonds?
Journalize December transactions. Do not record adjusting entries at this point - No journal entry required" for your answer to grade properly
Identify and show the aspects of consolidated tax expense disclosed in the financial statements- Loss carrybacks and carryforwards.
Determine the taxable year of the LLC under the Code and Regulations and two years after formation of the LLC, Barney sells half of his interest (25%) to Aldrin, Inc. Can the LLC retain the taxable year determined in part (a)? Why or why not?
matthew county issued a six month 6 percent 1000000 bond anticipation note on march 31 20x5 to give temporary financing
part a - tax policydiscuss whether a capital gains tax in your opinion would result in a more equitable tax system in
How does the United States tax Ericas activities and how would your answer change if Erica were a self-employed technician rather than an employee?
A purchase discount was recorded as a credit to purchases account- the remainder was properly recorded. This error will cause
Altidore Inc. operates a calendar-year-end business that suffers from dramatic seasonal variation in taxable income. For example, it often operates at a net loss for the first two quarters of the year and then operates profitably for the last two ..
problem 1additional factsthe taxpayer exchanges property in 2010 with a fair market value of 5500000 that has a basis
The tax credit for rehabilitation expenditures is available to help offset the costs related to substantially rehabilitating certain buildings. The credit is calculated on the rehabilitation expenditures incurred and not on the acquisition cost of..
Before considering the effect of the asset sale, Parrot's current year E & P is $400,000 and it has no accumulated E & P. How much of Ashley's distribution will be taxed as a dividend?
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