Tax Questions

Tax Questions

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Research the Internet to locate and analyze a case in which the courts have decided to disallow deductions for business expenses.

1.From your research, indicate the case and provide a brief synopsis of the issue in question. Next, evaluate the degree to which the claimed business deduction(s) for the specific case you researched meet(s) the tests for being ordinary, necessary, and reasonable as required by the tax code. Explain the manner in which the three (3) tests were or were not met in the researched case.

2. Suggest two (2) specific deductions or losses that would most likely result in an IRS audit. Outline the key advice that you would give to a client who wishes to take the specific deductions or losses and avoid an audit simultaneously. Support your proposal with examples.

Go to the Internal Revenue Service website to search for and read the latest filing year’s “Publication 17”, specifically reviewing the section on medical expenses that the IRS disallows. (question 3)

3.From your research, identify one (1) disallowed medical deduction from Publication 17. Create a scenario or justification for allowing the medical deduction. Next, outline the key argument that you would present in favor of the medical deduction if questioned by the IRS

4.Imagine you have clients who own mostly stocks. They would like to maximize their charitable deductions. Recommend one (1) charitable deduction strategy that the clients should consider, and determine the potential tax savings from implementing this strategy. Provide support for your rationale.

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