Memorandum-to-the-File Date: April 5, 2016 From: Conor Gibbons Re: Taxability of gambling gains and losses Facts Anthony is a professional gambler whose specialization is in horse racing. He dedicates 60 hours per week to gambling activities including research, study, and placing bets. Throughout the current year, Anthony has won $235,000 on $375,000 worth of bets placed. Besides $12,000 worth of stock investment income shared with his spouse, his gambling activities are his only source
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Memorandum [pic] To: Kathleen Hicks CC: Human Resources Date: 1/26/12 Re: Training Materials: Internal Revenue Agents This is in reply to your request for information about internal revenue agents. The material will help inform new employees about the demands and job requirements of an IRS agent. The information will be separated into several categories; necessary qualities, prior experience, and daily duties. Mrs. Angela Overstreet, IRS agent, happily helped our team gather
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Tax Research Memorandum ________________________________________ Date: February 23, 2016 Author: Anonymous Subject: Freight Service Revenue Exclusion of Subcontractor Services for Freight Forwarding ________________________________________ Issue #1 Does the Company meet the criteria to be considered a Qualified Courier and Logistics Company (“Qualified Courier”) under Texas Statute §171.1011, Subsection g-7? Issue #2 Currently, the Company uses an apportionment method based on mileage
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Accounting Regulation and Treatment of Patents XYZ Research Company Case Study You have been hired as a consultant for XYZ Research Co. XYZ Research Co. incorporated in 2010. XYZ ‘s business centers on developing new technology for interplanetary exploration. The company has many patents and has historically expensed all of the costs associated with obtaining their patents. The owners of XYZ Labs are unsure whether or not if any or all of its patent costs can be capitalized. They also are unsure
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Chapter I INTRODUCTION One method of enhancing and enriching the skills of students is by undertaking the On-the-Job Training. Students who are taking up Bachelor of Science in Information Technology are given the chance to undergo the so called On-the-Job Training to be able to apply the knowledge they acquired from school to their respective chosen agencies. It is the beginning of the greatest educational experience a BSIT student would encounter. It is one way of developing their
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Chapter I INTRODUCTION One method of enhancing and enriching the skills of students is by undertaking the On-the-Job Training. Students who are taking up Bachelor of Science in Information Technology are given the chance to undergo the so called On-the-Job Training to be able to apply the knowledge they acquired from school to their respective chosen agencies. It is the beginning of the greatest educational experience a BSIT student would encounter. It is one way of developing their
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toner and paper. Collectively, the presentations are a “Tax Update”. Each year, professional accounting associations offer tax updates for their members. The update is usually prepared and presented by a fellow member of the association. When the year being summarized contains major tax legislation, the annual tax update is primarily a review of the new law. When a year passes without major legislation, tax updates draw material from other tax news (i.e. new regulations, rulings and/or cases). We will
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Fiduciary tax terminology Fiduciary tax terminology Pass-through entities: incidence of tax Fiduciaries and the AMT Simple versus complex trust; personal exemptions Determining taxable income: five-step approach Distributions of appreciated property Disallowance of § 212 deductions Cost recovery deductions of a fiduciary Charitable contributions of a fiduciary Functions of DNI Computing DNI Terminating a fiduciary entity Fiduciaries and education planning Grantor trust rules Fiduciary tax compliance
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Dear Board Members, I feel great responsibility in sending this memorandum to you all, as my recommendation could and most probably would have an impact on our company’s future. It has indeed been a hard decision to make, but through careful analysis, I have reached the conclusion that it would be best to keep the dividend as it is now. Before I brief you on the specifics of my decision, I feel the need to provide basic information about our company that surrounds this issue. To be more specific
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The proprietor is able to enjoy all of the profits from the company. Costs of doing business or expenses lead to tax breaks and the ability to, in essence, charge off expenditures. The advantage of pass through taxation is important to the “laid back” nature of managing a sole proprietorship. A simple profit and loss statement can be submitted along with the owner’s annual tax return and it is considered sufficient to the Federal Government. These proprietorships are very easy to start and
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