As a newly minted CPA, you obtain your first significant position as a tax professional:

February 14, 2020/in Feeds /by Munene david

As a newly minted CPA, you obtain your first significant position as a tax professional: senior tax accountant for

one of the offices of a regional accounting firm. Of course, the firm runs a notice of your hiring in the local newspaper. A few days later, the editor of the newspaper calls you and asks if you might be interested in writing a monthly column for the newspaper on tax issues. Figuring that it would be a good way to get your name out in the community as an expert in the field (and a little free advertising to boot!), you tell him that you would be more than happy to do so. “Great! ” he says. “By the way, I have already blocked out space for this column in the next edition of the paper. Is there any way that you can get me your article by the end of the day today?” After you commit to doing so, he also proceeds to tell you that you will not be paid for these articles. “I figure that it is just a sort of public service that you could offer to the community. I am sure you understand.” (And so it begins…get used to a lot of this.) You spend the next 10 minutes thinking about what you could discuss in your first article. You would like to shake people up a little bit, and perhaps challenge their opinions about some issues of tax law. That way, you could perhaps build up some interest in your column, which, as you know, will be difficult to achieve under the best of circumstances! (After all, who wants to read newspaper articles about taxes?)

Finally, you decide on a topic: You will argue to the readers that the federal income tax should be abolished and replaced with a national sales tax. Required: Write an article arguing this position. You may or may not agree with this proposition. However, based on the materials covered in this course and the discussions that have occurred in the Discussion areas, you should be able to articulate a cogent, persuasive argument in support of this proposition. In particular, you should focus on reference theories, concepts, justifications, and anticipated economic, social, and/or other benefits that would result from such a system. To the extent that you think strong contrary arguments could be made, consider raising those contrary arguments and then persuasively arguing against them.

Your answer to this question will be evaluated based on the thoroughness, professionalism, substance, and persuasiveness of your argument.

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Elaine Constantine, who is single, sells her current personal residence with adjustable basis of $170,000

February 14, 2020/in Feeds /by Munene david

Elaine Constantine, who is single, sells her current personal residence with adjustable basis of $170,000 for

$455,000. She has owned and lived in the house for over 25 years. Her selling expenses are $25,000.

(a): What is Elaine’s realized and recognized gain?

(b): Explain the meaning of the terms:

i: Adjusted basis

ii: Realized gain

iii: Amount realized or gain

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Calculate the income tax liability using the tax rates for December 2015 for each of the following

February 14, 2020/in Feeds /by Munene david

Calculate the income tax liability using the tax rates for December 2015 for each of the following unrelated C

Corporations. The corporations are unrelated.

Name of C Corporation	Amount of Taxable Income
a: Donut Corporation	$69,000
b: Littles Corporation	$10,800,000
c: Skylark Corporation (a Personal Service corporation)	$174,000

(Points : 30)

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One of your corporate clients has approached you about whether or not its employees are required to include

February 14, 2020/in Feeds /by Munene david

One of your corporate clients has approached you about whether or not its employees are required to include

certain benefits provided by the corporation in their income. In particular, the corporation has inquired whether the following benefits provided by the corporation to employees would be included in an employee’s taxable income:

I. The employer would like to provide employees with valet transportation services to and from work; that is, the employer would like to pick employees up at their homes, transport them to work, and then return them home at the end of the day. In order to operate as cheaply as possible, the company envisions using a number of Toyota Priuses (a relatively small car that holds about four adults, including the driver) to provide the service. These are the same cars that run various errands for the employer during the day. They estimate that the vehicles will be used about 40% of the time to run various errands, and the remainder of their use will be dedicated to providing the transportation services. The employer anticipates that the monthly value of this benefit would be approximately $300 per month.

II. In order to promote healthier lifestyles and exercise, the employer would like to offer employees the opportunity to use athletic facilities free of charge. They want to extend the benefit to their employees, as well as to the employees’ spouses, dependent children, and parents/grandparents (if applicable). To accomplish this task, the employer plans on contracting with a private gymnasium located nearby (e.g., a Gold’s Gym or other gym that sells memberships to the general public). The gymnasium will still maintain its other customers, who it expects will remain the majority of its overall membership. The monthly value of this benefit is estimated to be approximately $200.

Explain to your client the general rules surrounding whether an employee must include benefits provided by the employer in income. Then, for the two proposed benefits mentioned above, explain whether the employee would have to include the amount in income or what provision or exception might apply to make the proposed benefit nontaxable. If the employer would have to make changes to the proposed benefit to render it nontaxable, explain what changes would have to be made. Finally, explain what the resulting benefit would be to the employee and how much, if any, of the benefit the employee could exclude from income. Make sure to detail any significant exceptions or rules that apply to the benefit exception at issue.