Write a memo to the tax file discussing the facts

Reference no: EM13543690

Write a memo to the tax file discussing the facts of the following tax question.

Juan owns a business that acquires exotic automobiles that are high-tech, state-of-the-art vehicles with unique design features or equipment. The exotic automobiles are not licensed or set up to be used on the road. Rather, the cars are used exclusively for car shows or related promotional photography. With respect to the exotic automobiles, Juan would like to know whether he can take a cost recovery on his Federal income tax return.

Partial list of research aids: Bruce selig, 70 TCM 1125, T.C. Memo. 1995-519

Deliverables:
1) Write a memo to the tax file discussing the facts of the tax question.
2) Identifying the relevant tax issues.
3) Including appropriate citations.
4) Communicating conclusion and any advice.

Reference no: EM13543690

Questions Cloud

What is the anguar acceleration of each wheel : A person is riding a bicycle, and its wheels have an angular velocity of 18.5 rad/s. Then, the brakes are applied and the bike is brought to a uniform stop. During braking, the angular displacement of each wheel is 17.5 revolutions. (a) How much time..

Find the angle below the horizontal made by velocity vector : A ball is thrown horizontally with a speed of Vo = 20.0 m/s from the top of a building of height h = 42.1 meters. What is the angle below the horizontal made by the velocity vector of the ball

Briefly summarize the accounting techniques : Briefly summarize the accounting techniques used by cendant to manipulate financial results. Catagorize each techniques into one of Schilit's Financial shenanigans

Compute what should the radius of the disk be : The wheels of a wagon can be approximated as the combination of a thin outer hoop, of radius rh = 0.209 m and mass 4.70 kg, and two thin crossed rods of mass 9.95 kg each. what should the radius of the disk be

Write a memo to the tax file discussing the facts : Write a memo to the tax file discussing the facts

Calculate the equilibrium temperature of the asteroid : A small spinning asteroid is in a circular orbit around a star, much like the earth's motion around our sun. The asteroid has a surface area of 9.5 m2. calculate the equilibrium temperature of the asteroid

What is the magnitude of the needles magnetic moment : A compass needle in a uniform magnetic field of 0.25 T experiences a torque of 0.030Nm, What is the magnitude of the needle's magnetic moment

What is the force of friction acting on the box : A box of mass 2.50kg is sliding at a constant speed down an inclined plane that is inclined at 25 degrees. What is the force of friction acting on the box

Time value of money concept : Time Value of Money Concept

User Account

All Pages