Internal Revenue Code (IRC) Research Topics by March 20, 2020

Research and cite the appropriate IRC section and subsection associated with each of the five cases below with your brief explanation. For example, the residential rental property is defined in IRC Section 168(b)(3)(B).

1. Guidance on a loss that resulted from the sale of stock, where it appears the taxpayer purchased substantially identical stock beginning 30 days before and ending 30 days after the date of the sale. A stock dealer who made a transaction in the ordinary course of business may not be subject to this guidance.
2. Venture LLC paid $20,000 to a marketing firm to conduct the feasibility study of a new business opportunity in biotechnology to develop new cancer drugs. An accountant at Venture LLC wants to know how to account for the start-up expenditure, $20,000 on its tax return.
3. Definition of qualifying child status regarding exemptions for dependents
4. The definition of related parties varies among IRC sections. Suppose that Kathy and July are sisters. Which code section/subsection does not consider them as family members, i.e., related parties?
5. Definition of a capital asset.

   Internal Revenue Code (IRC) Research Topics by March 20, 2020

   Research and cite the appropriate IRC section and subsection associated with each of the five cases below with your brief explanation. For example, the residential rental property is defined in IRC Section 168(b)(3)(B). Submit your one-page report at the Connect website.

6. Guidance on a loss that resulted from the sale of stock, where it appears the taxpayer purchased substantially identical stock beginning 30 days before and ending 30 days after the date of the sale. A stock dealer who made a transaction in the ordinary course of business may not be subject to this guidance.
7. Venture LLC paid $20,000 to a marketing firm to conduct the feasibility study of a new business opportunity in biotechnology to develop new cancer drugs. An accountant at Venture LLC wants to know how to account for the start-up expenditure, $20,000 on its tax return.
8. Definition of qualifying child status regarding exemptions for dependents
9. The definition of related parties varies among IRC sections. Suppose that Kathy and July are sisters. Which code section/subsection does not consider them as family members, i.e., related parties?
10. Definition of a capital asset.