Tax File MemorandumThe assignment below will assess your ability to perform tax research and prepare an effective Tax Memo for complex tax problems..You will use CCH IntelliConnect (aka CCH Omnitax or AnswerConnect) exclusively for your tax research for this course (access provided through the Library).Using the tax research process detailed in Chapter 4 and Chapter 10 and the Tax File Memorandum Template, develop a separate tax file memorandum for each of the Research Cases below. All submissions should follow the file memo format exactly (a client letter is not needed unless specifically required). Include your three completed memos in one file for submission.RESEARCH CASE 1During the year, LittleBear, Inc. paid the Environmental Protection Agency (EPA) $750,000 related to the clean-up of a contaminated stream near the company’s largest manufacturing plant. The contamination was the result of a leaky pipe at the plant. The EPA repaired the pipe and cleaned up the surrounding area and stream. Initially, the EPA fined the company $1,125,000 ($25,000 per day for 45 days) for noncompliance with regulations. LittleBear ultimately settled the assessment for $750,000. During settlement discussions, the EPA disclosed that actual clean-up costs incurred were $450,000.Write a memo to the files explaining the proper tax treatment of the payment, including in which tax year the deduction can be taken.RESEARCH CASE 2The Laffell's oldest son, Chase, started college as an incoming freshman in August of 2019. Mr. and Mrs. Lafell started a 529 plan for Chase when he was very young. When Chase started college, his parents pulled $9,200 out of his 529 plan. $6,000 was paid to the college for tuition, fees, and books. $1,200 was used to purchase Chase a new laptop, and $2,000 went towards Chase’s rent at his off-campus apartment. The Lafell’s will claim Chase as a dependent on their 2019 return. They were told that Chase’s tuition may be eligible for the American Opportunity Credit.Write a memo to the files explaining the proper tax treatment of the distribution from the 529 plan, what expenses (if any) are eligible for education tax credit, and the relationship between the qualified education expenses allowed under each.RESEARCH CASE 3Rhakima is a 51-year old, divorced female living in Oklahoma. She purchased her primary residence 19 years ago for $200,000 and has lived there ever since. She made payments on her mortgage during that time and reduced her mortgage balance to $60,000. Last year (2020), Rhakima took out a home equity loan of $100,000. She used $75,000 to have a 3rd bedroom built on as an addition to her residence. She used the other $25,000 to pay off some credit card debt she had accumulated.Write a memo to the files explaining the proper tax treatment of the interest on the first mortgage and the interest on the home equity line of credit, assuming Rhakima itemizes deductions on Schedule A.

Below is what was written in discussion of Rope to know and the rope to skip. 10 rules describing current practices and day-to-day behavior that the supervisors should follow in order to successful and whether theses practice reflect Newtonian or New Science Assumptions. For this Assignment given the new science realities, rewrite your ropes to know and ropes to skip for leaders, including guidelines for planning, measuring, motivating people, managing change and information, designing jobs, and encouraging relationships. Explain the importance and implications of these new science guidelines to the success of the enterprise and clearly and comprehensively describe the behaviors needed from leaders. Fundamental -thing that all managers must do today is selecting the right people. This goes deeper than selecting people with the right skills for a particular job. It involves getting people with the right culture for the organization so that it becomes easy to integrate organizational culture in the workplace. Good listener - the ability of listening to others, connecting with the emotions of employees and as such brings about trust. Communication- effective communication is key to today's management. Every manager must learn to communicate clearly. Relationship- build relationship with the employees you work with. This help working relationship and bring about team value.Lead by example-walk the talk daily. Following the rules, modeling the company values and culture. Understanding strength-encourage and look for the best in the employees. This assist employees in identifying and exclusive their talents . Honest- give others credit for their work, along with pointing out their undertakings and acknowledging as part of the team.Coaching -mentoring, teaching, and develop individuals growth and generating new ideas.Set goals – be clear and let them know your expectations.Meeting – set-up meeting monthly with employees sharing positive and negative I feel these rule lean more toward New Science. These new guidelines are very important because they not only highlight modern management ways but gives managers a roadmap in leading organizations successfully.