Discussion Essay

1012 words - 5 pages

* From the e-Activity, evaluate the importance of the principal issue litigated in the case in question using the tax research steps outlined in Appendix A of your text.
* Compare the American Institute of CPAs’ (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers.

From the e-Activity, evaluate the importance of the principal issue litigated in the case in question using the tax research steps outlined in Appendix A of your text.
Determine the Facts:
The respondent, ...view middle of the document...

If a depreciable asset has a historical cost of less than $500, or if the asset has a useful life of less than 2 years, its cost is allowable in the year it is acquired.
SEC. 446(a) General Rule – taxable income shall be computed under the method of accounting on the basis of which the taxpayer regularly computes his income in keeping his books. Exceptions include if no method of accounting has been regularly used by the taxpayer, or if the method used does not clearly reflect income, the computations of taxable income shall be made under such method.
Cincinnati, New Orleans & Tex. Pac. Ry. Co. v. United States – the Court of Claims held in both cases that the taxpayer may deduct a de minimis amount of expenses for low-cost capital assets having a useful life greater than 1 year if the accounting method established by the Interstate Commerce Commission clearly reflects income.
Analyze the facts in terms of applicable authorities:
Under Section 6662 for Substantial Understatement, the respondent determined that Alacare is liable for the accuracy-related penalty for substantial understatement for 1995 and 1996. However, the petitioner’s reliance on its tax preparer was reasonable cause for expensing the disputed assets in 1995 and 1996.
Communicate conclusions and recommendations to others:
The petitioner is not liable for the accuracy-related penalty under section 6662 for 1995 and 1996 due to their reasonable cause of expensing the disputed assets. Alacare did not discuss the deductibility of the disputed assets with the petitioner’s tax return prepare for 1995 and 1996 because the petitioner’s expensing policy in 1995 and 1996 was the same as it had been in previous years.
Compare the American Institute of CPA’s (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers.
...

Other Essays Like Discussion

Case Discussion Essay

2678 words - 11 pages Case Discussion Questions 1. Why is the Indian retail industry so inviting? Indian retail industry is so inviting because it is a developing site for global retailers and the profitability is declining in developed countries. Because of the indulgence of many small organizations, its existing retail system has been divided into various parts and this division is beneficial such as it is leading to lower prices of farmers and higher prices

Discussion Essay

623 words - 3 pages Aakash: The Nano of the tablet world Despite the media hype and cheap price Aaksh has some design and features we need to look into. * The 7 inch tablet weighs just 350 gm. * It has Android 2.2 Froyo operating system, which most low cost smartphones run on. * It has very small 366 MHz processor, to improve performance there is an HD video co-processor and graphic accelerator, and 256 MB of RAM. * The touchscreen is a 7 inch

Discussion

537 words - 3 pages According to the business dictionary, motivation is defined as "Internal and external factors that stimulate desire and energy in people to be continually interested and committed to a job, role or subject, or to make an effort to attain a goal” (Motivation, 2014). Motivation results from the interaction of both conscious and unconscious factors such as the desire or need to get something done, the incentive or reward that comes with reaching

Debate Topic Summary Discussion

620 words - 3 pages Debate Topic Discussion Summary Amy F. Italiano BCOM/275 Thursday, January 22, 2015 Joe Monroe, MA Debate Topic Discussion Summary Discussion, debates, arguments are all methods of looking at a subject or an issue to reveal its real essence and the varying points of view there are. We can see the debate from several positions. The first position is clarification and problem-solving. This position has an

Re: Discussion on Religion

3659 words - 15 pages Instructor Name: Professor Alicia Plant Reference Cite for the book: Fisher, M. P. (2014). Living religions (9th ed.). Upper Saddle River, NJ: Pearson. Week 1 Discussion for World Religions – REL212 "Understanding Religions and Indigenous Sacred Ways" Please respond to the following: Define indigenous religion, and describe at least one aspect of indigenous religions that exists in a similar form in a traditional mainstream religion

Thucydides - Discussion Style

904 words - 4 pages In the scene of the Mytilenian debate in History of the Peloponnesian War, Thucydides proposes the small conflict of how to punish the Mytilenians as a microcosmic example for a larger, universal question. Much like Aristotle and Plato's debate over the superiority of empirical or rational knowledge, through the Mytilenian debate, Thucydides sets up a parallel argument about political methodology. This discussion over political procedure

Week 2 Discussion Questoins

850 words - 4 pages Supporting Activities Adam Kacho BSA 310 Business Systems October 23, 2012 Carlos Perales, MSCIS Discussion Question 1 • Discuss the role that preparing employees to recognize and respond to social engineering techniques should play in the organization’s overall information security program. Preparing employees to recognize and respond to social engineering techniques requires training, awareness, and accountability

Discussion Questions Chapter 8

595 words - 3 pages Discussion Questions 1-9 pg. 329-330 1. Discuss some of the examples of poor quality in information technology projects presented in the 'What Went Wrong?" section. Could most of these problems have been avoided? Why do you think there are so many examples of poor quality in information technology projects? Many of these problems could be avoided by performing better quality management. One problem is that software and hardware is hitting

Group Discussion Guidelines

536 words - 3 pages if he stutters, falters, starts with a stand. Leadership A leader is a person who creates an environment of mutual understanding and cooperation in a GD. A leader is one who: * Contributes to the GD through his content and ideas. * Tries to put the GD into proper perspective so as to have a focused discussion on the issue at hand. * Encourages other candidates to speak * Coordinates the effort of the GD. Group behavior

Discussion Question Week 1

529 words - 3 pages Week 1 Discussion Questons What’s Bothering Trevor Cost is something that everyone dislikes when it comes to seeing a doctor. I know from experience what it's like not to have health insurance. I thought I would be able to get Obama Healthcare however I was told I don't make enough hours so I have no insurance. If I was in Trevor shoes I would have chose option 1 to pay $150 to see my PCP. Trevor might not have the money at the time of his

Oedipus Rex: Discussion Questions

699 words - 3 pages Discussion Questions, Oedipus Rex 1. The most widely accepted view of Oedipus is that he is guilty of overweening pride, and hence, he has to suffer. The primary basis for this view comes in lines 963 – 978, which read in the Fagles translation: “Pride breeds the tyrant/violent pride, gorging, crammed to bursting/with all that is overripe and rich with ruin--/clawing up to the heights, headlong pride/crashes down the abyss—sheer doom

Related Papers

Discussion Essay

532 words - 3 pages Week Four Discussion Questions ❖ Do you think human recourses (HR) policies should govern ethical and legal issues? Why or Why not? How might HR policies govern unethical or unlawful behavior? Do we need laws that enforce ethical codes? How might a situation in business be legal but unethical? How might a situation be ethical but illegal? Share an example from your own experience of HR policies that address or encourage ethical practices

Discussion 1 Essay

980 words - 4 pages Discussion 1 Clean drinking water is the basis of life for humans. Humans have a right to clean drinking water (clean meaning free from bacteria, as well as metal and toxic contamination). Animals have a right to safe drinking water as well. When considering water as a resource, it has direct value through utilitarian use. Today more than ever, we not only value clean water as a necessity to sustain life, but there is also quite a market in the

Discussion Questions Essay

684 words - 3 pages PHYSICAL SCIENCE WRITING ASSIGNMENT 1 – DISCUSSION QUESTIONS PHYSICAL SCIENCE WRITING ASSIGNMENT 1 Denise Gowdy Strayer University – Lithonia, GA Campus Physical Sience - Professor Freeman July 19, 2012 Discuss how energy can be converted from one form to another, giving specific examples. Today there are many different forms of energy and they all have the ability to transform produce change

Discussion Essay

1122 words - 5 pages ACOM 115 ASSIGNMENTS 2 DISCUSSION ESSAY Topic: Iron deficiency anaemia is a condition which affects many women during pregnancy, in developing countries. Discuss the causes and effects of iron deficiency anaemia on both mother and baby. Introduction Anaemia in pregnancy continues to be a major public health problem and it affects more than 56 million women worldwide (Imdad, & Bhutta, 2012). The