It is often said that people over the age of 60 should not work anymore because of the problems they create‚ that employers should make them retire. Do you agree or disagree? Give reasons for your opinion. Give reasons for your answer and include any relevant examples from your own knowledge or experience. You should write at least 250 words. In a lot of countries‚ 60 is the mandatory retirement age. It is as if people this age are outmoded‚ ready for replacement. Personally‚ I think that our
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specifically Revenue Ruling 98-10. The reason I say this is because here is the issue and facts from the IRS website: Rev. Rul. 98-10 ISSUE Where a stock for stock acquisition otherwise qualifying under § 368(a)(1)(B) of the Internal Revenue Code is accompanied by an exchange of securities‚ how should the transaction be treated? FACTS The facts are substantially similar to the facts in Rev. Rul. 69-142‚ 1969-1 C.B. 107. Corporation X acquires all of the outstanding capital stock of Corporation
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TAX FILE MEMORANDUM DATE: FROM: SUBJECT: Jeremiah Cranston/Coastal Drillers‚ Inc. Recently‚ Jeremiah Cranston contacted our office in regards to him possibly providing services under a consulting agreement for Coastal Drillers‚ Inc. He is concerned about the stock redemption that was completed six years ago and what effect‚ if any‚ working as an independent contractor might have on him regarding the redemption. Facts: Coastal Drillers‚ Inc. is owned 100% by the Cranston family
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1.6166(a)(8)(D)(i). Treasury regulation which refers to the 10-year estate tax installment payment provision for the purpose of the 5-year deferral‚ the holding company is any corporation holding stock in another company. c. Ltr.Rul. 200134022. IRS Letter Rulings 200134022 deals with tax imposed on certain built-in gains (for corporations electing S status after 12/31/86). The 10-year built-in gain recognition period for Corporation will continue to be treated as commencing on the effective date
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under Section 165 of the Code or as a business expense under Section 162 because Joe voluntarily elected not to file an insurance claim. Support The IRS addresses this issue in Rev. Rul. 78-141‚ 1978-1 CB 58‚ where an attorney (who had malpractice insurance) paid a client for erroneous advice but did not file a claim against the insurer. The IRS found that the attorney could not deduct the payment as a loss under Section 165 or a business expense under Section 162. Under Reg 1.165-1‚ only a
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TO: ABC Mining Company FROM: T DATE: April 14‚ 2012 RE: Tax consequences and other risk factors associated with mining operations I. FACTS ABC Mining Company‚ Inc. is a publically traded‚ large domestic mining company with over 500 plants in the United States. ABC owns a tract of land in California upon which it has conducted a strip mining operation for coal. An unrelated party owns a tract of land adjacent to the tract of land in California‚ which is owned by ABC. This land is worth
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Dividends In Ltr. Rul 20028806‚ the shareholders of a corporation owned‚ managed‚ and operated country club were given discounts for the use of the club’s facilities. The club was located in a community where both non shareholders and shareholders resided. Shareholders received discounts on membership dues as well as other incentives inside the club. Taxpayer requested a letter ruling on whether or not the discounts received constitute as constructive dividends received. The IRS indeed ruled the discounts
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on their vacation home of $410‚000. In 2014‚ they incurred $46‚400 of mortgage interest expense. How much‚ if any‚ of that interest is deductible on Schedule A? (5 pts) The IRS has taken the position that if the initial mortgage exceeds $1‚000‚000‚ up to $100‚000 of the excess will qualify as home equity interest. Rev. Rul. 2010-25 Combined Mortgage | $ 1‚160‚000 | Mortgage Interest Expense | 46‚400 | Allowable Indebtedness | 1‚100‚000 | Allowable Deduction |
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signed by all the shareholders. http://www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/S-Corporations 2. Please explain how Charitable Contributions made at the S-Corporation level are treated for tax purposes. (5 pts.) In Rev. Rul. 2000-43‚ the IRS held that an S Corporation’s charitable deduction must be taken in the year the charitable contribution is actually made rather than in the year the contribution is authorized. http://www.pgdc.com/pgdc/s-corporation-charitable-deduction-timing
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Osprey Corporation that was found by the IRS to be excessive. In order to determine how these repayments are to be treated for tax purposes‚ it is important to note that in 2006 the board of directors made up of Dan‚ Patrick and their uncle John‚ adopted a legally enforceable resolution. The resolution stipulated that any overpayment of salary disallowed as a deduction by the IRS would be repaid to the Osprey Corporation. In late 2010 during an audit by the IRS‚ $200‚000 of Patrick’s compensation‚
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