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Discussion: Tax Representation Guidelines
Compare the American Institute of CPAs' (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers.
Imagine that you are a CPA, and there is a conflict in the Circular 230 and the SSTS. Identify the guidelines that you would use, and support your selection.
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.
Will tax considerations play a role in Otto's decision to transfer property or pay cash? How will Otto's choice affect the combined gross income and income taxes paid by Otto and Fiona? Explain.
Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entries to Allocate the partner's deficiency and Distribute the remaining cash.
The useful life of the machine was expected to be four years with no residual value. Barton and Barton's implicit interest rate was 10%.
What amount of subscription revenue is earned by December 31 and What is the sales taxes payable?
The income tax rate for 2008 was 30 percent. Eric had unused $60,000 new operating loss carryforward arising in 2007 when the tax rate was 35 percent - Evaluate income tax expense of Eric's report for 2008
Benjamin recently bought a truck in Alabama for his business in Georgia. What different types of federal and state taxes may affect this transaction?
Because of ill health Fred returns to the UK 11 months after arriving in Australia. Discuss residency and source issues.
Discuss whether or not the three payments are income from personal exertion. Would your answer differ if she wrote the story for her own satisfaction and only decided to sell it later?
What is the government's property tax rate - Does this fund have any long-term debts associatedwith it? If so, does the government maintain a debtservice fund to account for the resources to servicethe debt?
find the effects be of the overall transactions on reported income for 2009? why would steinbach take these actions?is
Calculate the increase in annual after-tax profits if the higher transfer price of $1,250 per unit is used.
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