The Prentice Hall’s Federal taxation 2016 comprehensive book for each questions.
1. Exlain each of the following citations. (What does Reg. refer to? 163? 10? (a)? etc?) (Do not discuss the content if this regulation.) Do not discuss the tax law discussed in the administrative announces.
Reg. $ 1.163-10 (a) (2).
Temp .Reg. $ 1.956-2T.
Rev.Rul. 2012-15, 2012-23 I.R.B. 975.
Ltr. Rul. 200204051
2. Paul receives a 90-day letter after his meeting with and appeals officer. He is not satisfied with the $101,000 settlement offer. Briefly identify the relevant tax research issues facing Paul. (Provide at least 4 sentences).
3. Your tax research has located a tax Court case that supports the claiming of a deduction by a client, while an IRS revenue (letter) ruling holds to the contrary. The pertinent facts of both the case and the ruling match those of the client. Which holding should be followed in preparing the client’s tax return? Why?