Your client, Charley Long, age $40,$ has requested your advice with respect to his IRA. He has a traditional IRA with a balance of $$250,000$ and his current AGI is $$150,000.$ He expects his income to increase slightly when he retires at age $65.$ Charley has been reading about Roth IRAs and wants your advice as to whether he should roll$-$over the $$250,000$ from his traditional IRA into a Roth IRA. He has sufficient outside money to pay any taxes due on the rollover. What advice would you give Charley?

I$8$:$8-31,-$ This year, Chuck took out a loan to purchase some raw land for investment. He paid $$40,000$ for the land, and he expects that within $5$ years the land will be worth at least $$75,000.$ Chuck is married, and his AGI for the year is $$230,000.$ Chuck paid $$4,300$ IN interest on the loan this year. Chuck has $$2,600$ in interest income and $$1,300$ in dividend income for the year. He plans to itemize his deductions so he can use the interest expense to offset his investment income. What tax issues should Chuck consider?

I$9$:$9-35.-$

I$9$:$9-38-$Dan, expressing grave concern about whether the company had the financial resources to remain in business. He mentioned specifically that a bank was threatening to force Beta to file bankruptcy if it didnt repay its $$100,000$ loan in full. After some negotiation, Dan agreed to loan Beta the $$100,000$ for one year until permanent financing could be obtained. A reasonable interest rate was set and a payment schedule was documented. Unfortunately, business did not improve, and Beta discontinued its business and did not repay the loan. What tax issues should Dan consider?