Provide the proper citations (including both primary and secondary citations where applicable) for the authorities listed below. (For secondary citations, reference both the AFTR and USTC.) a. Rev....

Joanna takes a security interest in the equipment in Jason Store and files a financing statement claiming equipment and all after acquired equipment. Berkeley later sells Jason Store a cash register...

Peter Jones, a senior accountant, and Mary Miller, a junior accountant, were the only accountants for XYZ Company, a medium-size business. Peter had been with the company for over four years and was...

(Multiple choice) 1. The retention of a fraud investigator in a bankruptcy proceeding must be approved by the bankruptcy judge unless: a. The debtors estate pays the investigator. b. The trustee pays...

Julio is in the 33% tax bracket. He acquired 2,000 shares of stock in Gray Corporation seven years ago at a cost of $50 per share. In the current year, Julio received a payment of $150,000 from Gray...

At the time of Matthews death, he was involved in the transactions described below. Matthew was a participant in his employers contributory qualified pension plan. The plan balance of $2 million is...

Bob owns a duplex used as rental property. The duplex has a basis of $86,000 and $300,000 FMV. He transfers the duplex to Cindy, his sister, in exchange for a triplex that she owns. The triplex has a...

In 2016, Tish acquires and places into service in her business 7-year MACRS property costing $40,000 and 5-year MACRS property costing $165,000. Tish elects Sec. 179 expensing for all of the...

1. Would Trinitys case against OSHA have been stronger if the inspectors showed up with the marshals and forcibly searched the premises without first attempting to inspect without a warrant? Why or...

Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2011. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2013, he had the...

(a) What is meant by the phrase paper fortress? (b) How does maintaining a paper fortress aid the employer when the employee claims unfair treatment?

Maple Corporation conditions the sale of its syrup on the buyers agreement to buy Maples pancake mix. What factors would a court consider to decide whether this arrangement violates the Clayton Act?

Dan owns a successful sports bar in downtown Providence. The state is considering legislation that would restrict the sale of alcohol in restaurants and bars on Saturdays and Sundays until after 7...

Using the legend provided, indicate whether the following items cause the particular tax to increase. Assume the taxpayer is already subject to these taxes. Legend SE = Self-employment tax M =...

Carol has been promoted several times, and she may be named a partner next year. Thus, she will be subject to higher marginal income tax rates than in the past. Carol's colleague Isaiah has told her...

Peter owns 25% of Crosstown Corporation stock in which he has a $200,000 adjusted basis. In each of the following situations, what amount of gain/loss will Peter report in the current year? In the...

Dry Hole, Inc., a calendar year taxpayer, incurs $300,000 in mining exploration costs on July 1, 2017, and elects to expense as much as possible of the expenditures. Determine Dry Hole's regular tax...

Adams and two other persons were promoters for a new corporation, Aldrehn Theaters Co. The promoters retained Kridelbaugh to perform legal services in connection with the incorporation of the new...

Labrum & Doak, LLP, was a law partnership that began in 1904 in Pennsylvania. John Seehousen, Jonathan Herbst, and James Hilly were partners of Labrum & Doak. They withdrew from the partnership in...

Marlo, a publicly held corporation with a 35 percent marginal tax rate, is negotiating a compensation package with its CEO. In each of the following cases, determine Marlos after-tax cost of the...

Mr. and Mrs. Brock own a bakery. Their marginal tax rate on the bakerys income is 28 percent. The Brocks 17-year-old daughter Megan works in the bakery after school and on weekends. This year, Megan...

The Laths were the owners of a farm that they wanted to sell. Mrs. Mitchell considered purchasing the land but found that an ice house located across the road was objectionable. Mitchell argued that...

Mitchell, Nelson, Olsen, and Parker, experts in manufacturing baubles, each owned fifteen out of one hundred authorized shares of Baubles, Inc., a corporation of State X, which does not permit...

Angie and her daughter, Ann, who are the only shareholders of Bluebird Corporation, each paid $100,000 four years ago for their shares in Blue bird. Angie also owns 20% of the stock in Redbird...

Temco, Inc., conveyed to the Wynns certain property adjoining an apartment complex being developed by Sonnett Realty Company. Although nothing to this effect was contained in the deed, the sales...

Mohen is a member of the Sikh religion whose practice forbids cutting or shaving facial hair and requires wearing a turban that covers the head. In accordance with the dictates of his religion, Mohen...

Blushing Brides, L.L.C., a publisher of wedding planning magazines in Columbus, Ohio, opened an account with Gray Printing Co. in July 2000. On behalf of Blushing Brides, Louis Zacks, the firms...

Frank Deluca and his son David owned the Sportsmans Pub on Fountain Street in Providence, Rhode Island. The Delucas applied to the city for a license to employ topless dancers in the pub. Did the...

1. A dissenting opinion in this case pointed out that JYs failing to use the correct pipe was grossly negligent and, thus, JY should bear the cost of reinstalling the Reading pipe. Does that strike...

Liz Claiborne, Inc. (Claiborne) is a large maker of sportswear in the United States and a well known name in fashion, with sales of more than $ 1 billion per year. Claiborne distributes its products...

Jack and his sister Lisa inherited their parents cottage. Jack suggested to Lisa that he would be willing to buy her out for $50 000. Lisa thought about it for a minute and then quickly agreed. A...

Wilson engages Ruth to sell Wilsons antique walnut chest to Harold for $2,500. The next day, Ruth learns that Sandy is willing to pay $3,000 for Wilsons chest. Ruth nevertheless sells the chest to...

Five years ago, Hensley purchased a house. At that time, being unable to pay the full purchase price, she borrowed funds from Thrift Savings and Loan, which in turn took a mortgage at 6.5 interest on...

Kathleen Lowden sued cellular phone company T-Mobile USA, Inc., contending that its service agreements were not enforceable under Washington state law. Lowden moved to create a class-action lawsuit,...

Referring to the citation only, determine which tax law source issued these documents. a. 716 F.2d 693 (CA9, 1983). b. 92 T.C 400 (1998). c. 70 U.S. 224 (1935). d. 3 B.T.A. 1042 (1926). e. T.C.Memo....

Adolf and Ida Krueger contracted with Pisani Construction, Inc., to erect a metal building as an addition to an existing structure. The two structures were to share a common wall, and the frames and...

Complete the following schedule for each case. Unless otherwise indicated, assume that the shareholders have ample basis in the stock investment. All taxpayers use a calendar tax year. Accumulated E...

Which type of audit is used most often to substantiate the reported items of income or deduction for individuals who have only wages? a. Field b. Office c. Correspondence

Illini Corporation reported taxable income of $500,000 from operations for this year. The company paid federal income taxes of $170,000 on this taxable income. During the year, the company made a...

In 2010 Casey made a taxable gift of $5 million to both Stephanie and Linda (a total of $10 million in taxable gifts). Calculate the amount of gift tax due this year and Casey's unused exemption...

Finch Construction Company provides its employees who are carpenters with all of the required tools. However, the company believes that this has led to some employees not taking care of the tools and...

A, B, C, D, and E constituted the board of directors of the X Corporation. While D and E were out of town, A, B, and C held a special meeting of the board. Just as the meeting began, C became ill. He...

1. Which of the following is the typical sequence of reactions to a crisis? a. Anger, denial, rationalization, depression, acceptance. b. Rationalization, denial, anger, depression, acceptance. c....

In March 2004, White was stopped in her van when Berkenheuer, driving a Penske truck in the course of his job with Taylor Distributing Company hit her, causing her serious injury. White settled a...

Edward, a candy manufacturer, contracted to buy one thousand barrels of sugar from Marcia. Marcia failed to deliver, and Edward was unable to buy any sugar in the market. As a direct consequence he...

Anita bought a television set from Bertrum for her personal use. Bertrum, who was out of security agreement forms, showed Anita a form he had executed with Nathan, another consumer. Anita and Bertrum...

The Chief consolidated group reports the following results for the tax year. Dollar amounts are listed in millions. Determine each members share of the consolidated tax liability. All of the members...

When the IRS audited Winter Corporations current year tax return, the IRS disallowed $10,000 of travel and entertainment expenses incurred by Charles, an officer-shareholder, because of inadequate...

This year Luke has calculated his gross tax liability at $1,800. Luke is entitled to a $2,400 nonrefundable personal tax credit, a $1,500 business tax credit, and a $600 refundable personal tax...

Reinfort executed a written contract with Bylinski to purchase an assorted collection of shoes for $3,000. A week before the agreed shipment date, Bylinski called Reinfort and said, We cannot deliver...

Excessive damages increase expected liability under a negligence rule, which results in excess precaution. Explain the mistake in this proposition.

How might the current treatment of capital losses discourage an individual investor from purchasing stock of a high-risk, start-up company?

On January 5, 2013 Rita left the United States for Germany, where she had accepted an appointment as vice president of foreign operations. Her employer, USA Corporation, told her the assignment would...

Back in Boston, Steve has been busy creating and managing his new company, Teton Mountaineering (TM), which is based out of a small town in Wyoming. In the process of doing so, TM has acquired...

In the early 1970s, President Richard Nixon became embroiled in the Watergate dispute. He was accused of covering up a criminal break-in at the national headquarters of the Democratic Party. Nixon...

Your assignment is to obtain general information on the criminal aspects of causing or procuring the termination of a human pregnancy. Consult the ALR.3d, ALRAth, ALR.5th, ALR.6th, and ALR Federal...

Watson applied to Xcel Energy for a temporary utility worker position in response to an Internet job posting that stated, "must have, or obtain within six months of start date, a valid CDL commercial...

Liz and John formed the equal LJ Partnership on January 1 of the current year. Liz contributed $80,000 of cash and land with a fair market value of $90,000 and an adjusted basis of $75,000. John...

Karyl Paxton asked Christopher Sacco to work with her interior design business, Pierce Paxton Collections, in New Orleans. At the time, they were in a romantic relationship. Sacco was involved in...

Explain why professional rescuers should typically receive a larger reward than anticipated rescuers, and anticipated rescuers should typically receive a larger reward than fortuitous rescuers.

Edward Johnson III, the CEO and principal owner of the worlds largest mutual fund company, Fidelity Investments, Inc., was a longtime tennis buddy of Richard Larson. In 1995, Johnson asked Larson,...

Havensure, LLC, an insurance broker, approached York International to determine whether it could provide insurance for York at a better rate. At the time, York was obtaining its group insurance from...

Firm R owned depreciable real property subject to a $300,000 nonrecourse mortgage. The propertys FMV is only $250,000. Consequently, the firm surrendered the property to the creditor rather than...

George, a wealthy investor, is uncertain whether he should invest in taxable or tax-exempt bonds. What tax and nontax factors should he consider?

Indicate which courts decided the cases cited below. Also indicate on which pages and in which publications the authority is reported. a. Lloyd M. Shumaker v. CIR, 648 F.2d 1198, 48 AFTR 2d 81-5353...

What entities or business forms are available for a new enterprise? Explain the advantages and disadvantages of each.

My Web Wholesalers, a small company in Maine, used the Internet to do business around the country. It made offers on its Web site but did not distribute e-mails to customers who did not request...

Victim V works at a job where he might be exposed accidentally to a chemical that increases the probability from .01 to .02 of dying from lung cancer in 20 years. V would pay $15,000 to avoid...

Suppose that the tax rate on personal income, tp, is equal to 40%; the corporate tax rate, tc, is equal to 35%; and the capital gains tax rate, tcg, is 20%. Also assume that the before tax rate of...

Dunn and Welch both appeared to operate Ruidoso Downs Feed Concession. Dunn sought to obtain credit for Ruidoso Downs from Anderson Hay and Grain Company. Relying on Dunn's financial position,...

Ann and Bob form Robin Corporation. Ann transfers property worth $420,000 (basis of $150,000) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $165,000 (basis of $30,000)...

An exempt organization is considering conducting bingo games on Thursday nights as a way of generating additional revenue to support its exempt purpose. Before doing so, however, the president of the...

Hoosier Industries is a U. S. multinational corporation with two wholly owned subsidiaries: one in Malaysia and one in Japan. Assume the local tax rates are 35% in the United States, 20% in Malaysia,...

Boboli Co. wanted to promote its California-style pizza, which it sold in supermarkets. The company contracted with Highland Group, Inc., to produce 2 million recipe brochures, which would be...

Draft an information letter to the client, Mr. Daniel Hope, Vice President, National Insurance Company. In the letter, summarize the state law concerning Nationals duty to defend persons it insures...

Did the substitution of carriers in the third shipment constitute a breach of the contract by GFI? Explain. GFI, Inc., a Hong Kong company, makes audio decoder chips, one of the essential components...

Using the categories discussed in the chapter, what type of negotiable instrument was the note that Durbin signed (an order to pay or a promise to pay)? Explain. Robert Durbin, a student, borrowed...

Elliot Willensky and Beverly Moran formed a partnership to renovate and flip (resell) some property. According to their agreement, Moran would finance the purchase and renovation of the property, and...

Eugene Ables ran an excavation company. He borrowed $500,000 from the Highland Park State Bank. Ables signed a note promising to repay the money and an agreement giving Highland a security interest...

Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 40% Zebra shareholder throughout the year. Operating income ............... $100,000 Cost of goods sold...

Emma Mary Ellen Holley and David Holley, an interracial couple, tried to buy a house in Twenty-Nine Palms, California. A real estate corporation, Triad, Inc., had listed the house for sale. Grove...

A debtor went through bankruptcy under Chapter 7 and received his discharge. Which of the following debts were completely discharged, and which will remain as future debts against him? (a) A claim of...

Would registration with the SEC be required for Dakota Gasworks securities? Why or why not? Dale Emerson served as the chief financial officer for Reliant Electric Co., a distributor of electricity...

Patricia Meleen, a chemical dependency counselor, brought charges alleging wrongful discharge, defamation, and emotional distress against the Hazelden Foundation, a chemical dependency clinic, in...

Correct the following citation: Lynda Herndon v. Jackie Barrell, 101 N.C.App. 636; 400 S.E. 2d 769 (N.C.App. 1991).

Larry is the sole proprietor of a trampoline shop. During 2014, the following transactions occurred. Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation...

You overhear someone say, International law does not exist. What do they mean? What evidence can you provide to persuade them that they are mistaken?

A donor made his first taxable gift in 1979 and his second taxable gift in the current year. In the intervening years, the highest gift tax rates declined. In calculating the tax on taxable gifts of...

Through negotiation, Emilio has received from dishonest payees two checks with the following histories: (a) The drawer issued a check to the payee for $9.The payee cleverly altered the numeral on the...

Go to Case Analysis Case 21.3, Person v. Bowman, on page 408. Read the excerpt and answer the following questions. (a) Issue: What document was at the center of this case? (b) Rule of Law: What...

Diversified Graphics, Ltd., hired Ernst & Whinney to assist it in obtaining a computer system to fit its data processing needs. DG had a long-standing relationship with E&W and developed great trust...

Plaintiffs purchased state lottery tickets and were winners along with 76 others. The state had advertised that $1,750,000 would be the prize, but it distributed only $744,471. Plaintiff sued the...

As a cattle rancher in Nebraska, Gerald Gohl used handheld searchlights to find and help calving animals (animals giving birth) in harsh blizzard conditions. Gohl thought that it would be more...

An accountant for a small business is suspected of writing checks to "dummy" vendors and collecting the money himself. After a thorough investigation of the company, you determine that the company...

Lucent Technologies International, Inc. subcontracted with a Saudi Arabian company, National Group, for work that Lucent was doing as part of a $4 billion telecommunications project for the Saudi...

List five assets that bear positive implicit taxes. Carefully explain why each asset bears an implicit tax (that is, how is the asset tax favored?).

Indiana Tri City Plaza Bowl (Tri City) leased a building from Charles H. Glueck for use as a bowling alley. The lease provided that Glueck was to provide adequate paved parking for the building. The...

In the current year, Dick, Evan, and Fran form Triton Corporation. Dick contributes land (a capital asset) having a $50,000 FMV in exchange for 50 shares of Triton stock. He purchased the land three...

In January 2003, Gary Ryder and Washington Mutual Bank, F.A., executed a note in which Ryder promised to pay $2,450,000, plus interest at a rate that could vary from month to month. The amount of the...

In 1974, the Mansells built a shed with a dirt floor, to be used as a three-car garage, at the back of their property. This shed went beyond the Mansells property line and encroached approximately...