Megan recently won a glass vase valued at $800 at a fundraising event for her church. She believes this prize would be considered a gift from the church, and therefore, would not be taxable to her.

Prepare a tax research memo to advise Megan regarding the taxation of her winnings.

1. FACTS: Summarize the facts

2. ISSUES: Identify the tax issue(s) you are researching

3. CONCLUSION: State your conclusion about the issue(s) based upon your research

4. ANALYSIS: Discuss and analyze the tax issue(s) and explain your conclusion, using and citing sources of tax law for support (i.e., why did you reach this conclusion?). Begin by defining the issue(s) by citing the code/regulation section(s) that apply. For example, if the problem centers around a theft, start by defining what constitutes a theft from the code/regulations section. Then explain how those definitions apply to your facts/issues, and then support your position with cases, revenue rulings, etc. Remember to note the level and authority of cases, if they were appellate cases, and if there are any differences between trial and appellate level decisions.

Answer rating: 100% (QA)

Prepare a tax research memo to advise Megan regarding the taxation of her winnings MEMORANDUM To Megan From Date Re Taxation of Winnings from Church Fundraising Event Dear Megan Thank you for your inq... View the full answer