Using Research Problem 3 found on page 10-47 in the textbook, prepare a letter to Marcia discussing her charitable contribution on her 2013 income tax return.
Week 9 Essay C Get Homework Help With CX C Research Problem 1. Gray C X Chegg eReader G Refer to "The Big Picture" a' x GRefer to the "Ethics & Equity X + + C chegg.com/reader/9780357109700/502/ : polly a Communications fied in claiming itemized deductions equal to the amounts that represent the average claimed by other taxpayers in their income bracket. These averages are calculated and reported by the IRS annually based on actual returns filed in an earlier year. Accordingly, they claimed medical expenses of $7,102, taxes of $6,050, interest of $10,659, and charitable contributions of $2,693. What advice do you give the Bloughs? Partial list of research aids: Cheryl L. de Werff, T.C. Summary Opinion, 201129. Research Problem 3. Marcia, a shareholder in a corporation with stores in five states, donated stock with a basis of $10,000 to a qualified charitable organization in 2018. Although the stock of the corporation was not traded on a public stock exchange, many shares had been sold over the past several years. Based on the average selling price for the stock in 2018, Marcia deducted $95,000 on her 2018 tax return. Marcia received a notice from the IRS that the $95,000 deduction had been reduced to $10,000 because she had not obtained a qualified appraisal or attached a summary of her appraisal to her tax return. Marcia has asked you to advise her on this matter. Write a letter containing your conclusions to Ms. Marcia Meyer, 1311 Santos Court, San Bruno, CA 94066. Partial list of research aids: Reg. $ 1.170A-13(c)(2). Research Problem 4. On March 5, 2016, Mr. and Mrs. Horton borrowed $100,000 against the equity in their personal residence with the loan secured by that home. For 2016 and 2017. they were able to deduct the interest expense on this loan as Week 9 Essay C Get Homework Help With CX C Research Problem 1. Gray C X Chegg eReader G Refer to "The Big Picture" a' x GRefer to the "Ethics & Equity X + + C chegg.com/reader/9780357109700/502/ : polly a Communications fied in claiming itemized deductions equal to the amounts that represent the average claimed by other taxpayers in their income bracket. These averages are calculated and reported by the IRS annually based on actual returns filed in an earlier year. Accordingly, they claimed medical expenses of $7,102, taxes of $6,050, interest of $10,659, and charitable contributions of $2,693. What advice do you give the Bloughs? Partial list of research aids: Cheryl L. de Werff, T.C. Summary Opinion, 201129. Research Problem 3. Marcia, a shareholder in a corporation with stores in five states, donated stock with a basis of $10,000 to a qualified charitable organization in 2018. Although the stock of the corporation was not traded on a public stock exchange, many shares had been sold over the past several years. Based on the average selling price for the stock in 2018, Marcia deducted $95,000 on her 2018 tax return. Marcia received a notice from the IRS that the $95,000 deduction had been reduced to $10,000 because she had not obtained a qualified appraisal or attached a summary of her appraisal to her tax return. Marcia has asked you to advise her on this matter. Write a letter containing your conclusions to Ms. Marcia Meyer, 1311 Santos Court, San Bruno, CA 94066. Partial list of research aids: Reg. $ 1.170A-13(c)(2). Research Problem 4. On March 5, 2016, Mr. and Mrs. Horton borrowed $100,000 against the equity in their personal residence with the loan secured by that home. For 2016 and 2017. they were able to deduct the interest expense on this loan as
