Required (read all of the instructions below): Note that the grading on this research assignment will be much more strict than the grading on the first Research Project. Review Chapter 2 in your textbook before beginning your research. THE ISSUE: In 2017, your client William Jones (a single taxpayer) was required to repay $40,000 he had reported as income in 2015 under the claim of right doctrine. His 2015 taxable income (including the $40,000) was $300,000, and his tax on that amount was $82,000. His 2017 taxable income, without regard to the $40,000 repayment, is $105,000. Mr. Jones has now come to you inquiring about how he can/should address the $40,000 repayment in 2017 of income he reported in 2015. Write a memorandum for your firm's files indicating your findings. You will find an example of a tax file memorandum in Chapter 2 of your textbook. You should use a FACTS, ISSUE, AUTHORITIES, CONCLUSION, DISCUSSION/ANALYSIS, format similar to the example in Chapter 2. The points are based on format (10 points), research findings (10 points), discussion/analysis of your research findings to the facts/issues of the problem (20 points), and overall professionalism/writing/grammar/etc. of your memo (10 points). The memorandum should be no more than 2 pages in length, using 1.5 space, 11 font. The DISCUSSION/ANALYSIS section of your memorandum is most important. Make sure you explain/discuss/analyze your research findings, and relate them to the specific facts of the case. To research these issues, you must utilize RIA Checkpoint exclusively. You must also include at least 4 screen shots from RIA Checkpoint (not counted towards memo length, but counted towards the 20 point portion of your memo grade). HINT: Start with Section 1341, and see where it takes you.