09 May EVALUATE THE POSITION TAKEN BY AMOS AND SUSAN AND SUGGEST YOUR ADVICE FOR THEIR MEETING WITH THE IRS.
Business Expense Laws: Case StudyAmos is a computer consultant and his office is located in Orange Ca. He and his wife Susan used their Lear Jet which they had purchased for 2Million to travel to their timber farm in Oregon (10 trips) to their Tahiti property (2 trips) to computer symposia (5 trips) and to Park City Utah (8 trips). The timber farm is operated in business like fashion. Amos ans Susan nearly 2Million remodeling the Tahiti house and related property they travel to Tahiti twice a year stay there for several weeks each time. They travel to Park city to go skiing. The annual cost of operating the Lear jet including deprecation is $700 000. On their tax return Amos and Susan deducted $700 000 as a business expenses under section162. An IRS agent countered that this expense was not ordinary and necessary or that it was a personal expense. Therefore she disallowed the deduction. Evaluate the position taken by Amos and Susan and suggest your advice for their meeting with the IRS.
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