Find the IRS Revenue Procedure that gives the standard deduction amounts for the 2014 tax year. Prepare a table reporting the standard deduction amounts and their associated filing statuses. Also report the full citation for your source, in the form of the following example: Rev. Proc. 98-1, 1998-1 C.B. 7.
Answer to relevant QuestionsUsing an electronic research database such as Checkpoint, CCH Tax Research NetWork, or LexisNexis, do a keyword search on the phrase hobby loss to find secondary authorities discussing the tax treatment of losses incurred in ...One of your clients is planning to sell a piece of raw land and expects to incur a substantial gain on the sale. He has asked you to determine whether this gain will be considered capital gain or ordinary income. List five ...Art likes to invest his spare cash in the stock market. In the past, he has focused on growth stocks and long-term value, to take advantage of the preferential tax rate on long-term capital gains. He recently learned that ...For many years, Mr. K, the president of KJ Inc., took the corporation’s most important clients to lunch at Al’s Steak House several times a week. However, after the tax law was amended to disallow a deduction for 50 ...GT Inc.’s net income before tax on its financial statements was $700,000, and its tax-able income was $810,000. The $110,000 difference is the aggregate of temporary book/tax differences. GT’s tax rate is 34 percent. a. ...
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