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Tranquility Funeral Home, Inc., your client, is an accrual basis taxpayer that sells preneed funeral contracts. Under these contracts, the customer pays in advance for goods and services to be provided at the contract beneficiary's death. These payments are refundable at the contract purchaser's request, pursuant to state law, any time until the goods and services are furnished. Tranquility, consistent with its financial accounting reporting, includes the payments in income for the year the funeral service is provided. The IRS agent insists that the payments be prepaid income subject to tax in the year of receipt. Your client believes that the amounts involved are customer deposits. Write a letter to Tranquility that contains your advice about how the issue should be resolved. The client's address is 400 Rock Street, Memphis, TN 38152.
constructive dividends redemptions and related party lossessuppose you are a cpa hired to represent a client that is
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dan and cheryl are married file a joint return and have no children. dan age 45 is a pharmaceutial salesman and
Advise Alex on his tax implication on the income that he received. Discuss if Tony has any tax implication and as a result Alex was made redundant and was offered a redundancy payment of $40,000. Alex has worked in that company for 5 years.
1. donald owns a 60 interest in a partnership that earned 230000 in the current year. he also owns 60 of the stock in a
Identify the tax issues that are raised and the relevant sections of the legislation and identify any cases and other sources of law or information that apply.
in the market for air filters demand is represented by the function p110-4qd and supply is represented by the function
Edwina worked at three jobs during 2011. She earned 30,000, 40,000 and 9,000 respectively form the jobs and had 10,000 from self-employment income. What amount can Edwina apply as credit against her 2011 income tax liability for overpayment of F..
1. consider a market with the following supply qs and demand qd curvesqd 200-2pqs25at the market equilibrium what is
q the most general end product of a research question is a research memowhich has five basic parts 1 facts 2 issues 3
The Effect of International Financial Reporting Standards on present Tax Planning Strategy
A company has current assets of $500,000, net income of $10,000, current liabilities of 250,000 and equity of $250,000. What is the current ratio?
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