Tax Assignment , Taxation

Assignment Help:

I have an assignment for tax subject
I need it done by 04/24/2013 midnight

here''s the case:
Sarah is an economist for Smith LLC. In January 2009, she inherited three parcels of land in Texas County from her mother. Her mother’s estate valued the parcels, which are all adjacent to each other and total 30 acres, at $15,750. Sarah thought the parcels were worth more than $15,750, so she asked the estate’s appraiser why the parcels weren’t valued higher. The appraiser told her that the zoning on the land allows only one residence every two acres, which severely diminishes the resale value.
In 2010, Sarah applied to Texas County for a change in zoning. The Texas County Board of Supervisors denied her application in December 2010. Sarah filed a constitutional challenge to Texas County’s zoning law in 2011. The board of supervisors denied her constitutional challenge. Sarah filed an appeal of the denial in Texas County District Court on October 15, 2011. On November 5, 2011, the Texas County Board of Supervisors began consideration of a new zoning law that would allow land, such as Sarah''s, a zoning designation of two residences per acre. Sarah withdrew her appeal pending the outcome of the new zoning law. On February 10, 2012, the new zoning law was adopted. Sarah estimated that the value of the land increased to at least $25,000 as a result of the rezoning.
Sarah incurred $11,000 in attorney’s fees and other costs in challenging the zoning requirements. She paid half of the expenditures in 2010 and half in 2011. What is the correct tax treatment of the $11,000 in attorney’s fees?

plz show me your work!!

Instructions:
Write a memo identifying the Relevant Facts, Issues Identified, Conclusions, and Authorities and Reasoning for the tax problem in bold below. The headings underlined in the prior sentence are defined on page 149 of the text. Apply at least one relevant court case or revenue ruling.

When discussing the law write at least one paragraph(s) on the relevant Code(s) language. Pinpoint the location of the relevant language in the Code as precisely as possible. Then add a paragraph(s) on any relevant Treasury Regulation. Finally describe any relevant cases or Revenue Rulings. Write clearly and concisely so that the tax memo is no more than three pages. Use the APA style on margins, fonts, grammar, punctuation, writing skills, and spacing. Use the citing style illustrated in my lecture.

Related Discussions:- Tax Assignment

Find out the medium run effects, Suppose a central bank decides to increase...

Suppose a central bank decides to increase  m  by 2.8%. What will be the medium run effects of this on g yt , u t  and  π t ?

GST, I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WOR...

I WOULD LIKE TO KNOW ABOUT GST. FROM WHERE IT HAVE COME AND HOW IT WORKS. ALSO INFORM ME WEATHER IT IS APPLICABLE IN INDIA OR NOT.

IRA, Donald, a 40-year-old married taxpayer, has a salary of $55,000 and in...

Donald, a 40-year-old married taxpayer, has a salary of $55,000 and interest income of $6,000. What is the maximum amount Donald can contribute to a Roth IRA?

Taxation Accounting - Capital gains tax (CGT), Critically Evaluate overseas...

Critically Evaluate overseas experiences with this form of tax. (e.g. UK or Australia)

Describe what is the incidence of tax, Tax incidence can be separated into-...

Tax incidence can be separated into- 1. Formal incidence: the party liable to the tax 2. Informal incidence: party, who really pays the tax The tax incidence is decided by t

Tax care, #queCongress recently enacted an non refundable credit based on t...

#queCongress recently enacted an non refundable credit based on the cost of the qualifying alcohol and drug abuse counseling programs provided by and corporate employer to its empl

Deferred tax liability, Lehman Corporation purchased a machine on January 2...

Lehman Corporation purchased a machine on January 2, 2011, for $2,000,000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation

Capital gains tax and inheritance tax issues , Background information J...

Background information Jim set up a limited company; Show the Way Limited (The Company), along with his father in 1983. The company is incorporated in Scotland and has been reg

What is the difference between sales tax and vat, Sales tax, as compared to...

Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the entire value of goods and services purchased.

Write Your Message!

Captcha
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