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Freda is a cash basis taxpayer. In 2015, she negotiated her salary for 2016. Her employer offered to pay her $21,000 per month in 2016 for a total of $252,000. Freda countered that she would accept $10,000 each month for the 12 months in 2016 and the remaining $132,000 in January 2017. The employer accepted Freda's terms for 2016 and 2017.
a. Did Freda actually or constructively receive $252,000 in 2016?
b. What could explain Freda's willingness to spread her salary over a longer period of time?
c. In December 2016, after Freda had earned the right to collect the $132,000 in 2017, the employer offered $133,000 to Freda at that time, rather than $132,000 in January 2017. The employer wanted to make the early payment so as to deduct the expense in 2016. Freda rejected the employer's offer. Was Freda in constructive receipt of the income in 2016? Explain.
Quantco, a domestic corporation, is an engineering consulting firm that has its main offices in San Diego, California. Because Quantco does a considerable amount of business in China
question1. prepare a tax research memorandum to convey your conclusions.2. the memorandum has to be in proper form- a
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Using an available tax service or the Internet, identify three basic tax planning ideas or tax tips suggested for year-end tax planning. Which basic tax strategy from this chapter does each planning idea employ?
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