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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
Desktop and computer (Cost1,350) (Opening Adjustable Value 1,350) (Method is Deminishing) (Effective life is 3 years) (Decline in Value for this period is 450) (Closing Adjustable value is 900)
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During Year 1, Hans had rental income of $300,000 and operating expenses (depreciation, interest, insurance, etc.) of $220,000. On the advice of his accountant, Hans made a Code Sec. 871(d) election in Year 1.
What are the merits of each argument and which side do you support and why? How does the use of capital punishment in Texas compare to other states?
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Advise Jools of its legal rights and remedies, if any. In your answer discuss any legal points that Ming may argue. You may assume that Jools has satisfactorily performed all of its obligations under the original contract.
1. Aall events occurred in "the current taxable year;"
Taking the above Learning Outcomes into consideration, your assignment is to prepare a report which should be no longer than 1,000 words.
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