Questions from Federal Taxation

Q: Which of the following is a contingent fee under Circular 230 §

Which of the following is a contingent fee under Circular 230 § 10.27? A fee (1) that is based on a percentage of the refund reported on a return, (2) that is based on a percentage of the taxes saved,...

Q: Sam Manuel has been employed on a full-time basis as

Sam Manuel has been employed on a full-time basis as an electrical engineer for the past three years. Prior to obtaining full-time employment, he was self-employed as an inventor of complex electronic...

Q: Matthew Broadway was a partner in the law firm of Johnson &

Matthew Broadway was a partner in the law firm of Johnson & Smith, a partnership of 20 partners, for the past 10 years. Without the knowledge or consent of the other partners, Matthew worked on a high...

Q: Juanita Sharp purchased a large parcel of property for $120,

Juanita Sharp purchased a large parcel of property for $120,000. A short time after purchasing the property, Sharp submitted plans for the division of the parcel into six lots and the construction of...

Q: Which of the following situations would most likely result in a violation

Which of the following situations would most likely result in a violation of the practitioner’s ethical standards? Explain your answer. a. A CPA (not in public practice) is controller of a bank and gr...

Q: Tom and Donna were divorced three years ago. At the time

Tom and Donna were divorced three years ago. At the time of their divorce, they owned a residence whose value had significantly increased during the marriage. Tom remained half-owner of the house, but...

Q: Dr. Diego Dissolution is recently divorced and has some questions regarding

Dr. Diego Dissolution is recently divorced and has some questions regarding payments he is making to his ex-wife (Mrs. D.). Diego is 45 years old and has a successful dental practice. Mrs. D. was divo...

Q: Phred Phortunate won his state lotto two years ago. His lotto

Phred Phortunate won his state lotto two years ago. His lotto ticket was worth $10 million, which was payable in 20 annual installments of $500,000 each. Phred paid $1 for the winning ticket. The lott...

Q: Discuss the difference between a revenue ruling and a revenue procedure.

Discuss the difference between a revenue ruling and a revenue procedure.

Q: In the tax research process, the researcher has an obligation to

In the tax research process, the researcher has an obligation to the client to evaluate authority. Do the precedents in all tax authority carry the same value? Explain.