12 May HOW IS IT RELEVANT IN THE CASE OF TAX CONTROVERSIES?
Federal Taxation: Assessing Audit Risk, Tax Evasion
Understanding the US IRC applicable to individual income
taxes is important when working with taxation.
Statute of Limitations:
What purpose is served by a statute of limitations? How is
it relevant in the case of tax controversies?
Probability of Audit:
Assess the probability of an audit in each of the following
independent situations:
As a result of a jury trial, Linda was awarded $3.5 million
because of job discrimination. The award included $3 million for punitive
damages.
Mel operates a combination check-cashing service and
pawnshop.
Jayden, a self-employed trial lawyer, routinely files a
Schedule C (Form 1040) that, due to large deductions, reports little (if any)
profit from his practice.
Bernard is the head server at an upscale restaurant and
recently paid $1.8 million for a residence in an exclusive gated community.
Homer has yearly Adjusted gross income (AGI) of around
$70,000 and always claims the standard deduction. He works for a builder
installing wallboard in new
Gloria lost a Form 1099-DIV that she received from a
corporation that paid her a
Cindy, a former vice president of a bank, has been charged
with embezzling large sums of money.
Giselle is a cocktail waitress at an upscale nightclub. She
has been audited several times in past years.
Marcus was recently assessed a large state income tax
deficiency by the state of California for his utilization of an abusive tax
shelter.
Guy, a professional gambler, recently broke up with his
companion of ten years and married her teenage daughter.
Role of IRS in Transactions:
A mother sells a valuable collection of antiques to her
daughter for $1,000. What judicial concept might the IRS invoke to question
this transaction?
Differentiate:
What is the difference between tax avoidance and tax
evasion?
Support your responses with examples.
Cite any sources in APA format.Federal Taxation: Assessing Audit Risk, Tax EvasionUnderstanding the US IRC applicable to individual income
taxes is important when working with taxation.Statute of Limitations:What purpose is served by a statute of limitations? How is
it relevant in the case of tax controversies?Probability of Audit:Assess the probability of an audit in each of the following
independent situations:As a result of a jury trial, Linda was awarded $3.5 million
because of job discrimination. The award included $3 million for punitive
damages.Mel operates a combination check-cashing service and
pawnshop.Jayden, a self-employed trial lawyer, routinely files a
Schedule C (Form 1040) that, due to large deductions, reports little (if any)
profit from his practice.Bernard is the head server at an upscale restaurant and
recently paid $1.8 million for a residence in an exclusive gated community.Homer has yearly Adjusted gross income (AGI) of around
$70,000 and always claims the standard deduction. He works for a builder
installing wallboard in newGloria lost a Form 1099-DIV that she received from a
corporation that paid her aCindy, a former vice president of a bank, has been charged
with embezzling large sums of money.Giselle is a cocktail waitress at an upscale nightclub. She
has been audited several times in past years.Marcus was recently assessed a large state income tax
deficiency by the state of California for his utilization of an abusive tax
shelter.Guy, a professional gambler, recently broke up with his
companion of ten years and married her teenage daughter.Role of IRS in Transactions:A mother sells a valuable collection of antiques to her
daughter for $1,000. What judicial concept might the IRS invoke to question
this transaction?Differentiate:What is the difference between tax avoidance and tax
evasion?Support your responses with examples.Cite any sources in APA format.
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