RESEARCH EXERCISE #1 (20 points)

From the information below and using the data bases available through the UI Library, find the source authority for each of the items listed below. Your answers should follow the Standard Tax Citation Format posted on Canvas. This assignment is due September 20, 2023.

1. A 2021 revenue ruling setting forth the April, 2021 applicable federal interest ratesfor below-market loans.

1. A 2019 Revenue Procedure which increases thethreshold limitfor application of the business interest expense limitationfor corporations from 25 million to 26 million.

1. A 2019 Seventh Circuit case which holds that the housing allowance for ministers does not violate the establishment clause of the U.S. Constitution.

1. Internal Revenue Code section which allows early withdrawals of up to $5,000 from an IRA without penalty if made within one year after the birth or adoption of a child.

1. A 2016 Tax Court case which held that surveying expenses incurred in searching for oil and gas reserves were deductible.

1. A 1959 revenue ruling discussing the methodology and procedures for valuing a closely-held business.

1. A 1981 private letter ruling holding that the cost of a swimming pool was not a deductible medical expense.

1. Treasury Regulation discussing the limitation on deductions for interest paid or accrued by a corporation to a related party.

1. A 1988 private letter ruling that held that executor fees paid to an executor were not self-employment income and, thus, not subject to self-employment tax.

1. A 2019 U.S. Supreme Court decision which held a state cannot tax federal pension benefits differently from state pension benefits when the federal and state employees performed similar jobs.