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Write a tax memo, using prescribed format, correct grammar, spelling, and citations, of at least 4 pages (doubt) on the following tax research problem. This is not a group project.
Taxpayer has a complicated tax life with the following problems:
A. Her business, Pot Pots, has lost money the last two years; prior to that it made a little profit for two years.
B. She was given a gift by a supplier of her pots because of the business she has give them.
C. Ms. Pot has used an attorney to defend herself from criminal charges relating to her business and has had to pay fines related to the business.
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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