Prepare a tax memo for both of the following Your client is a self employed truck driver Through the course of the year, he has received several speeding tickets Can he take a business deduction for paying the fines Why or why not Your client, Barney Green, and his wife, Edith, attended a three day program in Maui entitled Financial, Tax, and Investment Planning for Investors The Greens went to Hawaii several days early so that they could adjust to the jet lag and be ready for the seminar The $8,000 cost of the trip included the following expenses First class airfare $2,500 Hotel (seven days) $2,000 Program fee $2,000 Meals and other expenses $1,500 The Greens have records to substantiate all the above expenditures in a manner that is acceptable under IRC 274 Identify issues to see if the Greens can deduct any or all of the $8,000 of expenditures on their current year tax return If you require additional information from your clients (such as how much was spent on meals), then indicate what information you need in your memo You should still be able to state a conclusion per issue, you just may need additional information to quantify how much can be deducted

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Prepare a tax memo for both of the following: Your client is a self-employed truck driver. Through the course of the year, he has received

Prepare a tax memo for both of the following:
1. Your client is a self-employed truck driver. Through the course of the year, he has received several speeding tickets. Can he take a business deduction for paying the fines? Why or why not.
2. Your client, Barney Green, and his wife, Edith, attended a three-day program in Maui entitled Financial, Tax, and Investment Planning for Investors. The Greens went to Hawaii several days early so that they could adjust to the jet lag and be ready for the seminar. The $8,000 cost of the trip included the following expenses:
  1. First-class airfare $2,500
  2. Hotel (seven days) $2,000
  3. Program fee $2,000
  4. Meals and other expenses $1,500

The Greens have records to substantiate all the above expenditures in a manner that is acceptable under IRC 274. Identify issues to see if the Greens can deduct any or all of the $8,000 of expenditures on their current-year tax return. If you require additional information from your clients (such as how much was spent on meals), then indicate what information you need in your memo. You should still be able to state a conclusion per issue, you just may need additional information to quantify how much can be deducted.