Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
1(a): Which of the following is deductible, and who, if appropriate, reports the relevant revenue, and why:
I Sam and his wife married in Law Vegas on a quick trip. They decided they had made a mistake and parted the day after the wedding, though they never filed for divorce. Sam has been sending her a $1,000 cheque every month for the past five years to “assist her out.”
(ii) Same issue, except instead of sending a check every month, Sam gives his wife a credit card and pays the bill for what she spends, which is approximately $1000 per month.
(iii) If they had filed for divorce and a consent decree (an agreement filed with and accepted by the Court) to pay spousal support, evaluate I and (ii) above. Ignore the evident misconduct on the part of Sam’s lawyer.
(iv) If they had a legal separation but still opted to remain together, evaluate I and (ii) above.
(v) Michael owns and operates his own company. He needed to set up an S-Corporation in the course of his business. He hired an attorney to help him with this, and he wants to deduct the legal fees.
(vi) Michael is clearly not a tax professional, as he was audited in 2010. He engaged a tax attorney to help him with the audit. He is attempting to deduct these costs.
(vii) Fiona donates to the NRA every year. She donates to the Arizona Humane Society as well. Is one or both of these contributions tax-deductible?
(viii) Madeline has a yearly salary of $30,500 and a yearly investment income of $25,500. When she slipped and shattered her leg, there was a mistake with her Medicare papers, and she didn’t have insurance coverage in place. Her medical bills totaled $20,000. Is it possible for her to deduct such costs?
1(b): Can the taxpayer claim the dependent(s) listed below? Why do you think that is?
I Fiona’s niece is sixteen years old and has moved to the United States from Ireland because her parents are in difficulty with the law. In March, she moved in with Fiona and stayed there for the entire year. Fiona covered all of her costs. Is Fiona eligible to claim her as a dependent? What if Fiona’s niece’s friend stayed with her as well?
(ii) Same as previously, but Fiona received checks from her sister regularly. Throughout the year, 17K checks were written. What should Fiona do to ensure that she can claim Niece as a dependent on her tax return?
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Exemptions for non-business deductions |
Exemptions for non-business deductions