ACCT 346 Tax Research Exercise Chap 11

ACCT 346 Tax Research Exercise  Chap 11

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Tax Research Exercise  Chap 11- Deductions Nondeductible

1.      Briefly explain (in your words) what internal Revenue Code §162 allows.

2.      Briefly explain (in your words) what Internal Revenue Code §212 allows

3.      3. Briefly explain (in your words) what the combination of Internal Revenue Code §§183(a) and 183(d) allows.

4.      4. Briefly explain (in your words) what is indicated per Internal Revenue Regulation §1.183-2(b) when an activity lacks any appeal except profit.

For the next 9 questions find and refer to the case, at 55 AFTR 2d 85-302

5.      Taxpayer's Name in

6.      Tax Accounting Periods (in question)

7.      This taxpayer used which method of accounting?

8.      Components & amounts of tax base in dispute

9.      Amount of additional assessment by IRS that remains in dispute

10.  What was the issue presented for the court's consideration in this case?

11.  How does one ultimately determine whether the requisite profit objective exists?

12.  Briefly explain (in your words) how the appellate court ruled on the issue?

13.   What did the IRS fail to do that justified this ruling?

14.  How did this court's decision affect the Tax Court's decision?