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Discussion
What do you think of the IRS and other tax authorities? If you where selected for an audit, would you be prepared? Why does the IRS select certain returns and not others, and what causes the IRS and tax preparers to interpret the law differently?
Each student should post his or her response to the questions above, 200-300 words on your response.
J. C. has been a professional gambler for many years. He loves this line of work and believes the income is tax-free.
a. Use an available tax research service to determine whether J. C.'s thinking is correct. Is the answer to this question found in the Internal Revenue Code? If not, what type of authority answers this question?
b. Write a memo communicating the results of your research.
Select one problem and write a short memo which is 200-300 words to the client. Make sure your memo is the correct length for full credit. Go to the www.irs.gov and search/type Internal Revenue Code. Go to the Table of Contents and then Leave IRS Site. This will redirect you to the Cornell Law University which is a great place to search. Double click on Subtitle A-Income Tax and research your problem.
Determine taxable income before considering expense.
Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.
Explain what is meant by income by ordinary concepts
Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.
Calculate Carolines taxable income
Show the tax issues that are raised and the relevant sections of the legislation.
Brief statement in your own words of the facts of the cases.
Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise
Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Prepare the required journal entry to record the tax expense
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
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