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Please can you help me with this Exercises. With attached file. Exercise 6-5 [Tax] In December 2013, one of your clients, Tim Huffman, donated a
Please can you help me with this Exercises. With attached file.
Exercise 6-5 [Tax] In December 2013, one of your clients, Tim Huffman, donated a valuable piece of art to a local charity to be auctioned at its annual fund-raising auction. When Mr. Huffman donated the art, it was appraised for $20,000. However, at the auction held on January 20, 2014, it sold for 35,000. Mr. Huffman claims that the appraisal was obviously wrong and that the value of what he donated was obviously $35,000. Consequently, he wants to deduct $35,000 on his 2013 tax return. Write a letter to Mr. Huffman discussing the tax implications of the appraisal and subsequent sale of the art he donated. Use the principles of effective document design discussed in this chapter. Exercise 7-10 [Tax] Write an essay that addresses the purpose, structure, and recent activities of the IRS Oversight Board. Include a discussion of its strategy reduce the \"tax gap,\" that is, to reduce the amount of uncollected taxes. Your essay should demonstrate your understanding of critical thinking. Assume the audience for your essay is accounting students in your classStep by Step Solution
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