Under what conditions can larry exclude the award

Reference no: EM132213898

Discussion Question: 1. Larry Bounds has won the gold bat award for hitting the longest home run in major league baseball this year. The bat is worth almost $35,000. Under what conditions can Larry exclude the award from his gross income? Explain

2. There is another exclusion on awards such as Pulitzer and Nobel prizes. Under IRS Publication 17, if you were awarded a prize in recognition of accomplishments in religious, charitable, scientific, artistic, educational, literary, or civic fields, you generally must include the value of the prize in your income. Under what circumstances do you NOT include this prize in your income?

3. This question deals with employee achievement award.

Many companies I have worked with offer some employee awards, in a form of gift cards or personal properties, such as DVD players, video games, DVDs, etc. Do we have to report all the awards in our tax return? Any dollar amount threshold?

4. Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.

5. Congress has tried to subsidize the cost of higher education through the federal income tax system. Compare and contrast the operation of the deduction for qualified educational costs and the operation of the deduction for interest on qualified educational loans.

6. What is an "ordinary and necessary" business expenditure? Note that this is one of the most important topics for this class

7. What are deductions?

8. What are the three types of individual tax returns?

Answer each question in 200 or more words.

Use citations and references

Use APA guidelines please

Reference no: EM132213898

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