Evaluate the tax rules for a parsonage

Assignment Help Taxation
Reference no: EM132935

Question:

Below is an extra credit tax case. Read the facts and the issues. Give final case in the form of a 1-2 page memo using the Facts/Issues/Analysis/ Authorities /Conclusion format, with these titles clearly labeled. You can use the Facts and Issues section below directly in your memo.

Facts

A congregation needs to assist an Imam with housing, and makes donations to their mosque accordingly.

Issues

1. Evaluate the tax rules for a parsonage usually?

2. Under each of the subsequent conditions, what are the tax implications to the Imam and mosque?

a. The mosque provide the donated money to the Imam to purchase a house

b. The mosque loans the money to the Imam, interest free, for him to purchase a house

c. The mosque constructs a house for the Imam to live in, rent-free

Reference no: EM132935

Questions Cloud

Make entries in the journals of the capital projects fund : Make the appropriate entries in the general journals of the Capital Projects Fund
Create an xml document containing information : Create an XML document containing information.
Plan an er diagram : Plan an ER diagram
Create a database for the company : Create a database for the company.
Evaluate the tax rules for a parsonage : Evaluate the tax rules for a parsonage usually? Under each of the subsequent conditions, what are the tax implications to the Imam and mosque?
Create an employee class with enough numbers : Create an Employee class with enough numbers.
Evaluate clarks tax basis in his kal-el interest : Evaluate Clark's tax basis in his Kal-El interest on December 31, 20X1?
Determine the amount of interest capitalized in 2013 : Determine the amount of interest capitalized in 2013 for the building using the definite interest method.
Contrast the monopolist and the monopolistic firm : Compare and contrast the monopolist and the monopolistic firm Monopolistic competition is an inefficient form of organisation. Discuss

Reviews

Write a Review

Taxation Questions & Answers

  Determine the selling price for each bond issue

Determine the selling price for each bond issue

  Advise justin of the capital gains tax implications

Advise Justin of the capital gains tax implications if he sells these assets now

  Argument for using the amt to a taxpayers advantage

Prepare an argument for using the AMT to a taxpayer's advantage

  Taxable income

Determine taxable income before considering expense.

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  What are the tax consequences for cfo

What are the tax consequences for CFO and for the ABC Co.

  Complete the subsequent tax returns

Complete the subsequent tax return's

  What is the abc partnerships required tax year

What is the ABC Partnerships required tax year and Do the allocations have Substantial Economic Effect?

  Calculate carolines taxable income

Calculate Carolines taxable income

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd