Reference no: EM131202136
Research Paper Assignment- (i have chosen individual income tax return)
Assignment. It is uncommon for anyone employed in the field of taxation, whether they be accountants, attorneys or IRS employees, to know, every section in the Internal Revenue Code, their unique requirements, the rules in the Treasury Regulations accompanying each section, and recent rulings, procedures and court cases by heart. Therefore, in the field of taxation, whether it be individual or corporate, substantial research is performed (in essence, meaning that everything will be open book) on questions which are posed to you by your clients. Once the research is performed, the answer must be communicated to either your supervisor or your client in clear and concise terms. As with most things, the communication of tax and/or any information is a skill of which practice makes perfect. As such, as part of your grade for this course, each of you will be required to do the following:
Choose a topic related to individual income tax, which will be covered, or in certain circumstances, not covered, in class this semester (Chapters 1 to 10). I have several topics which I believe would be acceptable and will give them out on a first-come, first serve basis, but will approve other topics posed by you. In order to write the research paper, you should do appropriate research using our text, the CCH Tax Research network, and all other reputable resources that are available for your disposal (does not include Wikipedia, etc.).
Objectives. The objectives of this assignment are (1) to research tax-related topics online and/or in print, and (2) to enhance the written and communication skills of the student.
Required. Include at least, the following: (1) a statement of the issue, i.e. “What amount can I deduct for college tuition and related expenses on the 2010 individual return?;” (2) Answer the question with references to specific IRC sections, Treasury Regulations, or Revenue Rulings/Procedures, and court cases, and (3) attach copies of all references to your memorandum. Unlike a APA research, your references will be related to Law citations, not articles.
|
Calculate expected net present value of the project
: Caravan Gaming Company is interested in developing a new facility in Brazil. The company estimates that the project would require an initial investment of $31 million. The company expects that the project will produce positive cash flows of $5,050,00..
|
|
Evaluating whether to lease or purchase equipment
: Thomas Corporation is evaluating whether to lease or purchase equipment. Its tax rate is 30 percent. The company expects to use the equipment for 5 years, with no expected salvage value. The purchase price is $1 million and MACRS depreciation, 3-year..
|
|
What are firm income tax liability and its after-tax income
: The Talley Corporation had a taxable income of $345,000 from operations after all operating costs but before (1) interest charges of $69,000, (2) dividends received of $10,350, (3) dividends paid of $17,250, and (4) income taxes. What are the firm's ..
|
|
How much was paid to the common stockholders
: Bellamy Corporation paid $100,000 in dividends. The corporation had 10,000 shares of common stock outstanding and 5,000 shares of $100 par value 5% preferred stock. The preferred stock was two years in arrears prior to the current year. How much was ..
|
|
Uncommon for anyone employed in the field of taxation
: It is uncommon for anyone employed in the field of taxation, whether they be accountants, attorneys or IRS employees, to know, every section in the Internal Revenue Code, their unique requirements, the rules in the Treasury Regulations accompanying e..
|
|
Assume that all costs are fixed and except supply costs
: You are considering starting a walk-in clinic. Assume that all costs are fixed, except supply costs, which are variable. Furthermore, assume that the clinic must pay taxes at a 30 per-cent rate.
|
|
Determining gross profit during the current year
: Determining Gross Profit During the current year, merchandise is sold for $4,885,000. The cost of the merchandise sold is $3,028,700. What is the amount of the gross profit? Compute the gross profit percentage (gross profit divided by sales).
|
|
Compute net operating profit after tax
: YOU MUST SHOW THE DETAILS OF HOW YOU DERIVED YOUR RATIOS. Compute net operating profit after tax (NOPAT) for 2014. Assume that the combined federal and state statutory tax rate is 37%. Compute net operating assets (NOA) for 2014 and 2013.
|
|
Job order costing system-process costing accounting system
: Would a job order costing system or process costing accounting system be used for this production process? Define and describe each costing system. Give specific reasons for the choice of which costing system would be most appropriate for this manufa..
|