tax project

timer Asked: Nov 7th, 2016

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Income Taxation (ACCT 405) Tax Return and Tax Research Projects Fall 2016 Required Texts: 2017 Prentice Hall’s Federal Taxation: Individuals, Rupert, Pope, and Anderson, 2016. (ISBN: 9780134473932) TAX RETURN PROJECT The purpose of this assignment is to provide an opportunity for each student to become familiar with tax return preparation software. Requirements: Using a tax return preparation software package for 2016, e.g., Turbotax, enter the data from problem 7-63. Print out the final tax return after entering your name as the preparer and submit it by Wednesday TAX RESEARCH PROJECT Due date: Wednesday, November 30, 2016. (A loss of 5 points will result for each day, including weekends that the project is late.) The purpose of this assignment is to provide an opportunity for each student to become familiar with tax research materials and to develop their written communication skills. The topics listed below have been specially chosen to result in a straight-forward resolution of a problem without the “blind alleys” that occur in tax research in actual practice. A typed double-spaced report is expected which should be two pages at most. Spelling, punctuation, and grammatical errors will result in the loss of points. You may use the loose leaf services in the Law Library or access Lexis/Nexis as follows: Instructions for accessing Lexis/Nexis: You can access LexisNexis Academic on and off campus. In order to access LexisNexis Academic from off-campus, students need a 14 digit library barcode. If you do not have a barcode, you can sign up for one at the following link:     Go to UB website. Hit search. Type Langsdale Library databases On the left side, click on “Databases by Title” Scroll to LexisNexis Academic, and click on it (if you are off-campus, you will need to enter your barcode and last name) Once you are in LexisNexis, click on the tab titled “Source Directory: Find”, located on    the top of the screen Under 2. Topics, Legal; scroll down and check “Taxation Law” and click on Find Sources (in red) Scroll down and select “IRS Revenue Rulings” and “Federal Courts Tax Cases” and click on OK – continue (in red) Type in search request. Requirements: 1. 2. 8. Your report should start with a statement of the problem being researched. A discussion of the applicable section(s) of the Internal Revenue Code should be presented. Amplification of #2 above should be provided by references to applicable Income Tax Regulations. Further specifics should be provided by reference to Revenue Procedures and Revenue Rulings, if applicable. Support for your position should be found in at least one court case involving similar facts, if there are applicable cases. A summary of the research and the student’s conclusion should be presented. In reporting all authoritative sources, i.e., #2-#5 above, appropriate citation must be presented. Please identify a Revenue Ruling with proper citation that supports your position. The research project should take the following format: To: Client 3. 4. 5. 6. 7. cc: From: Your name Date: November 30, 2016 Re: Subject of memo Facts: Questions: Answer: Applicable Internal Revenue Code Section: Discussion and Authority: You should choose one of the following representative problems. You may choose your own problem instead, if cleared by the instructor. 1. 2. 3. 4. 5. 6. 7. 8. 9. Can the damage to property caused by a jet plane breaking the sound barrier be deducted as a casualty loss? Is the expense of having one’s ears pierced by a licensed physician a deductible medical expense? Is a TV set bought by a parent for his 12-year old child and set up in her bedroom considered support? Are the expenses incurred by a taxpayer in taking a review course preparatory to taking the State examination leading to a certificate as a certified public accountant deductible? Can a taxpayer deduct payment to an arsonist to burn down the taxpayer’s building? Is the cost of a vacuum purchased by a taxpayer with an allergy deductible? Do moving expenses for the purpose of Section 217 include the cost of moving pets? Are premiums for the loss of contact lenses deductible as medical insurance premiums? Is a scholarship awarded to the winner of a beauty pageant included in the recipient’s gross income?

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