ACC 307 Federal Taxation

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Suggest as least three (3) methods that the IRS could use in order to determine if hobby and trade expenses meet such conditions. Provide specific examples of such methods.

Analyze at least two (2) of the IRS guidelines on the deductibility of expense related to vacation homes in order to determine the fundamental way in which taxpayers are likely to abuse them, and ascertain the most effective means for the IRS to detect taxpayer abuse.

Jul 15th, 2015

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LIFO - disposing off the last items to be put in the stock.

FIFO - disposal or selling off the most recent items in the stock .

AVERAGE METHOD -getting the total cost of the previous adnd the current  items and getting the average price.


B.The deductions that a taxpayer might undertake for the business reduction of property i.e depreciation and amortization .

deductions that the taxpayer may undertake  for the personal as well as business activity i.e morgage interst rates and taxes.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 15th, 2015

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Jul 15th, 2015
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Jul 15th, 2015
Jun 29th, 2017
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