Internal Revenue Code section that discusses casualty losses
Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
Internal Revenue Code section that discusses casualty losses
Week 1 Homework Assignment
Tax Research:
BeBe Hassell is a successful tax attorney in New Orleans, Louisiana. She purchases a vacation home, or “camp” on Lake Pontchartrain, just north of the city, to enjoy on the weekends with her husband, Gabe, and four children. Gabe is a professor of journalism at the University of New Orleans. Because of poor reception,
she and Gabe install a tall, 30-foot antenna tower alongside the camp, at a cost of $4,000.00. They notice over a period of five years, that the tower is battered by
wind and waves, and tilts more each year and the metal is weakened a bit more each year by the salty brackish water and the salt air. The tower becomes visibly
in poor condition. Almost five years to the day after the tower is installed, there is a near-miss from a hurricane and no great damage is done, except their tower is
toppled and ruined. Nearby neighbors with newer towers mostly find that their towers survived the storm, although a couple of the new towers of nearby camps
also had their towers destroyed by the storm, which was powerful enough to destroy even new towers if it happened to hit hard at that spot. Assignment: For a loss to count as a casualty loss deduction, it must be the result of a sudden, unexpected or unusual event, not a “wearing out” or deteriorating over time. Can
BeBe and Gabe take a casualty deduction for this loss? Please do the following:
- Research this on the internet, using IRS publications, Google or other search engine, and other sources you find on the internet.
- Write a memo to the me, describing the situation, and also describing the results of your research. Restate the facts, then state what you see as the issue. Then describe the sources that you located that gave you good information on this issue, and describe what each resource said about this situation. If you can, cite the Internal Revenue Code section that discusses casualty losses.
- Give your conclusion. Is the antenna loss deductible or not, and why or why not?
RUBRIC
Excellent Quality
95-100%
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.
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.
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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