Please provide a letter with all the instructions.

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Print your name Tax Accounting Research Project Due: 11/6/20 5:30p.m. Your client, Mr. I. M. Rich, has a condo in Ocean City that he wants to sell. He has used the property as a rental and has never used the condo personally. Mr. Rich bought the condo nine years ago for $300,000. He has taken $100,000 in depreciation deductions, using the straight line method of depreciation. The current fair market value of the property is $500,000. Mr. Rich is not selling the property because he needs the money. He plans to take part of the proceeds from the sale of the condo to acquire a rental property in scenic downtown Princess Anne. The owner of the Princess Anne property wants $400,000 cash for his property and does not want to acquire Mr. Rich's condo. Hint: May need a Qualified Intermediary. Mr. Rich does not owe a mortgage on the property he plans to relinquish and will not owe a mortgage on the property he plans to receive. The additional $100,000 ($500,000 less $400,000) will go to Mr. Rich's personal checking account after both transactions are completed. For purposes of this problem ignore settlement fees. Also, ignore state income taxes. A lawyer told Mr. Rich that he could sell the condo and put the cash in his bank account, and if he used the cash to acquire the Princess Anne property within sixty days he would not have to recognize, for income tax purposes, any gain on the sale of the condo. The lawyer obviously never read IRC Section 1031 and the related regulations. Before taking the lawyer's advice, Mr. Rich had the good sense to check with you. He would like to know if it is possible to do a like-kind exchange and avoid paying income tax on all or part of the sale of the condo. If it is possible, Mr. Rich wants to know the correct way to do the exchange. Mr. Rich wants your advice in the form of a letter. Keep in mind, Mr. Rich is a retired English professor. In addition, you may be required to orally answer questions related to your written advice. By signing below. I acknowledge that if I give or receive assistance, to or from another student. I will receive zero points for this project. This page must be the first page of your answer. Anyone not handing in this page will get zero points. Sign your name here Wikipedia is not a research source. Ten points will be deducted for every time the word Wikipedia appears in your paper. Also, if I find any quotes from Wikipedia ten points will be deducted. The IRS websiN all law school Wikipedia is not a research source. Ten points will be deducted for every time the word Wikipedia appears in your paper. Also, if I find any quotes from Wikipedia ten points will be deducted, The IRS website, TaxAlmanac.org. Cornell law school and Electronic Code of Federal Regulations are internet sources that will provide original source documents. Use proper references. See the examples on the following page. The website is not the reference. The proper reference is the underlying law, such as: IRC Sec or IRC Reg. Sec or other IRS publications or Court Cases. Format your answer as a letter to the client. If you have any recommendations related to the structure of the transaction state them as a suggestion not orders. Remember Mr. Rich is your paying client not your subordinate; if he wanted to be bossed around he would discuss it with his wife. Do not guarantee anything, but don't use the term "I think". If you disagree with the lawyer do not be disrespectful, what goes around comes around. Remember you are a professional accountant, not a salesman. Show all your calculations in the body of the letter or as a supplemental schedule. The first paragraph should be a restatement of the fact pattern. This is to avoid a misunderstanding between you and the client. Subsequent paragraphs should document the applicable controlling law. The final paragraph should clearly state your findings. Some help: I have started letters with "During our recent meeting we discussed" and have ended letters with "If you have any questions regarding this correspondence do not hesitate to contact me." Grades will be determined using the following standards: 40 points Accuracy of research and calculations 5 points Grammar and presentation 5 points Proper citing of references Examples of references: "Internal Revenue Code = Sec. 2(a)(1)(A) *Treasury Regulations = Reg. Sec 1.351-1 Revenue Rulings = Rev. Rul. 80-198 Revenue Procedures = Rev. Proc. 87-32 IRS Notices = Notice 97-69 Private Letter Rulings = PLR 8922063 "To just reference Sec. 1031 is not enough, you also need, if appropriate, to cite sub-section, paragraph and sub-paragraph. Print your name Tax Accounting Research Project Due: 11/6/20 5:30p.m. Your client, Mr. I. M. Rich, has a condo in Ocean City that he wants to sell. He has used the property as a rental and has never used the condo personally. Mr. Rich bought the condo nine years ago for $300,000. He has taken $100,000 in depreciation deductions, using the straight line method of depreciation. The current fair market value of the property is $500,000. Mr. Rich is not selling the property because he needs the money. He plans to take part of the proceeds from the sale of the condo to acquire a rental property in scenic downtown Princess Anne. The owner of the Princess Anne property wants $400,000 cash for his property and does not want to acquire Mr. Rich's condo. Hint: May need a Qualified Intermediary. Mr. Rich does not owe a mortgage on the property he plans to relinquish and will not owe a mortgage on the property he plans to receive. The additional $100,000 ($500,000 less $400,000) will go to Mr. Rich's personal checking account after both transactions are completed. For purposes of this problem ignore settlement fees. Also, ignore state income taxes. A lawyer told Mr. Rich that he could sell the condo and put the cash in his bank account, and if he used the cash to acquire the Princess Anne property within sixty days he would not have to recognize, for income tax purposes, any gain on the sale of the condo. The lawyer obviously never read IRC Section 1031 and the related regulations. Before taking the lawyer's advice, Mr. Rich had the good sense to check with you. He would like to know if it is possible to do a like-kind exchange and avoid paying income tax on all or part of the sale of the condo. If it is possible, Mr. Rich wants to know the correct way to do the exchange. Mr. Rich wants your advice in the form of a letter. Keep in mind, Mr. Rich is a retired English professor. In addition, you may be required to orally answer questions related to your written advice. By signing below. I acknowledge that if I give or receive assistance, to or from another student. I will receive zero points for this project. This page must be the first page of your answer. Anyone not handing in this page will get zero points. Sign your name here Wikipedia is not a research source. Ten points will be deducted for every time the word Wikipedia appears in your paper. Also, if I find any quotes from Wikipedia ten points will be deducted. The IRS websiN all law school Wikipedia is not a research source. Ten points will be deducted for every time the word Wikipedia appears in your paper. Also, if I find any quotes from Wikipedia ten points will be deducted, The IRS website, TaxAlmanac.org. Cornell law school and Electronic Code of Federal Regulations are internet sources that will provide original source documents. Use proper references. See the examples on the following page. The website is not the reference. The proper reference is the underlying law, such as: IRC Sec or IRC Reg. Sec or other IRS publications or Court Cases. Format your answer as a letter to the client. If you have any recommendations related to the structure of the transaction state them as a suggestion not orders. Remember Mr. Rich is your paying client not your subordinate; if he wanted to be bossed around he would discuss it with his wife. Do not guarantee anything, but don't use the term "I think". If you disagree with the lawyer do not be disrespectful, what goes around comes around. Remember you are a professional accountant, not a salesman. Show all your calculations in the body of the letter or as a supplemental schedule. The first paragraph should be a restatement of the fact pattern. This is to avoid a misunderstanding between you and the client. Subsequent paragraphs should document the applicable controlling law. The final paragraph should clearly state your findings. Some help: I have started letters with "During our recent meeting we discussed" and have ended letters with "If you have any questions regarding this correspondence do not hesitate to contact me." Grades will be determined using the following standards: 40 points Accuracy of research and calculations 5 points Grammar and presentation 5 points Proper citing of references Examples of references: "Internal Revenue Code = Sec. 2(a)(1)(A) *Treasury Regulations = Reg. Sec 1.351-1 Revenue Rulings = Rev. Rul. 80-198 Revenue Procedures = Rev. Proc. 87-32 IRS Notices = Notice 97-69 Private Letter Rulings = PLR 8922063 "To just reference Sec. 1031 is not enough, you also need, if appropriate, to cite sub-section, paragraph and sub-paragraph