Print your name Tax Accounting Research Project Due: 10/5/2020 5:30p.m. The chairman of your church's compensation committee has come to you with a question related to the parsonage allowance. The pastors living expenses, rent and utilities, have greatly increased since the beginning of the year. The pastor has requested an increase in his parsonage allowance from $12,000 a year to $18,000, commencing October 1 of the current year. At the beginning of the year the pastor and the committee had agreed, and signed a contract, outlining the pastor's salary of $40,000 and parsonage allowance of $12,000. The chairman wants a letter outlining the tax effect if they agree to the change and how to properly document the increased parsonage allowance. The letter needs to be a proper business correspondence, because all members of the committee, including your 12 grade English teacher, will get a copy of it. You should review Internal Revenue Code section 107 and related treasury regulations. To research the Internal Revenue Code, you can go to the IRS.gov website and after about eight steps you get to the code section you are looking for or I prefer the Cornell law school library. The easiest way to get to that is just to type in your search engine Internal Revenue Code and pick the choice that has Cornell law school (law Cornell). The treasury regulations are actually easier to find since the government has created an "Electronic Code of Federal Regulations. Just put in your search engine ecfr.gov. Remember the regulations are numbered to reflect the Internal Revenue Code section that they relate to. You will need to properly cite your sources. The website is not the reference. The proper reference is the underlying law, such as: IRC Sec or IRC Reg. Sec _ Just listing the sources at the end of the letter is not good enough. 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 that don't directly come from the Internal Revenue Code or regulations ten points will be deducted. Grades will be determined using the following standards