David the Con sold Roland the Gullible the Chesapeake Bay Bridge-Tunnel for $350,000. Roland didn't have $350,000, so he borrowed $75,000 from his mother and embezzled the remaining $275,000 from his employer. Roland has now approached you, his CPA, about this situation and wants to know how to handle these events on his tax return. Make a tax memo for your records on this issue. The memo must (properly) reference one federal income tax law and one court case. A client letter is not needed. Memos should have all required sections (Facts, Question, Discussion, Conclusion).