User Account

All Pages

Tax research memorandum with primary sources

Assignment Help Taxation
Reference no: EM131298352

Tony is a high school teacher whose annual income from teaching is $40,000. He has always enjoyed bowling, and his local pro urged him to turn professional. He subsequently begins working for the pro as and unpaid assistant and enters an apprenticeship program with the Professional Bowlers' Association of America (PBA). As an apprentice, he accumulates credits toward becoming a member of the PBA by taking approved classes, working as an assistant pro, and competing in pro tournaments. Tony expects to be approved as a full member of the PBA next year.

Although Tony continues to teach full-time, he goes to the bowling alley each day after school and practices after fulfilling his duties as an unpaid assistant. During the summer, he spends 12 to 15 hours each day at the bowling alley. In addition he participates in as many PBA tournaments as he can work into his schedule.

Tony has come to you for advice on the deductibility of the expenses he has incurred in his bowling career. Since deciding to turn pro, he has won money in tournaments each year. However his expenses have exceeded hi earnings by $5,000 to $10,000 per year.

Required: Tax research memorandum with a minimum of three primary sources

Reference no: EM131298352

Questions Cloud

Is the equilibrium an overfishing equilibrium : With a quota of 40 tons a month for the tuna fishing industry, what is the equilibrium price of tuna and the quantity of tuna that fishers catch?
How much energy is released in an earthquake : How are earthquakes recorded? How are earthquakes measured? How is the magnitude of an earthquake determined? How much energy is released in an earthquake?
Designing training for an international : A human resources department needs to take into account a variety of practical matters when designing training for an international assignment. What should the department focus its training resources on when preparing employees for overseas assign..
Presented with an investment opportunity : You are presented with an investment opportunity to receive $2,000 at the end of year 1; $4,000 at the end of year 2; $3,500 at the end of year 3; and $4,000 at the end of year 4. SHOW all work using the TVM buttons on the TI BAII Plus Calculator. If..
Tax research memorandum with primary sources : Since deciding to turn pro, he has won money in tournaments each year. However his expenses have exceeded hi earnings by $5,000 to $10,000 per year - Tax research memorandum with a minimum of three primary sources
What is the firms capital budget for the year : What is the firm's capital budget for this year? Is this budget higher or lower than last year's?- What types of new projects has the firm invested in recently?
What is the value of the voucher : If the government offers vouchers to students and values them so that the efficient number of students will enroll, what is the value of the voucher?
Provide information on planned future capital budgeting : Explain how the business uses technology to promote its capital budgeting activities. For example, does it use the Internet to provide information about recent investment projects?
Identify the marketing vehicles you plan : Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.) - Identify the marketing vehicles you plan to use to build your company's brand. Justify the ke..

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

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

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

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

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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