Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Taxation Expert

prepare a memo recognizing the Relevant Facts, Issues Identified, Conclusions and Authorities and Reasoning for the tax problem below. When discussing the law prepare at least one paragraph(s) on the relevant Code(s) language. Pinpoint the place of the relevant language in the Code as precisely as possible. Then add a paragraph(s) on any relevant Treasury Regulation. Finally describe any relevant cases or Revenue Rulings. prepare clearly and in brief so that the tax memo is no more than three pages. Use the APA style on margins, fonts, grammar, punctuation, writing skills and spacing.

Sarah is an economist for Smith LLC. In January 2009, she inherited 3 parcels of land in Texas County from her mother. Her mother’s estate valued the parcels, which are all adjacent to each other and total 30 acres, at $15,750. Sarah thought the parcels were worth more than $15,750, therefore she asked the estate’s appraiser why the parcels weren’t valued higher. The appraiser told her that the zoning on the land allows only one residence every two acres, which severely reduces the resale value.

In 2010, Sarah applied to Texas County for a change in zoning. The Texas County Board of Supervisors denied her application in December 2010. Sarah filed a constitutional challenge to Texas County’s zoning law in the year 2011. The board of supervisors denied her constitutional challenge. Sarah filed an appeal of the denial in the Texas County District Court on October 15, 2011. On November 5, 2011, the Texas County Board of Supervisors began consideration of a new zoning law which would permit land, like Sarah's, a zoning designation of two residences per acre. Sarah withdrew her appeal pending the outcome of the new zoning law. On February 10, 2012, the new zoning law was adopted. Sarah expected that the value of the land rose to at least $25,000 as a effects of the rezoning.

Sarah incurred $11,000 in attorney’s fees and other costs in challenging the zoning requirements. She paid half of the expenditures in 2010 and half in 2011.  Find out the correct tax treatment of the $11,000 in attorney’s fees?

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M9548

Have any Question? 


Related Questions in Taxation

Tax seminaryou are the instructor of a one-day tax seminar

Tax Seminar You are the instructor of a one-day tax seminar to inform international students studying business in the United States about the current tax system. You are preparing a background report to help you prepare ...

Assignmentpaige turner is single and has two children from

Assignment Paige Turner is single and has two children from her previous marriage. Ali, her daughter, lives with Paige and provides more than half of her support. Leif lives with his father, Will (Leif lived with Will fo ...

Preferred stock bailouts and personal holding company

Preferred Stock Bailouts and Personal Holding Company" Please respond to the following: From your analysis of Section 306 in the e-Activity. (,http://www.taxalmanac.org/index.php/Tax_Research_Resources, or use the Intern ...

Baafm tax assignment real life case study - write briefly

BAAFM TAX ASSIGNMENT Real Life Case study - Write briefly about a RECENT COURT case that happened in Singapore or any other country where the issue was about income  and Capital. EXECUTIVE SUMMARY [ONE PAGE ONLY] INTRODU ...

Alice johnson social security number 222-23-3334 is a

Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by state University of FloridaShe has the following items pertaining to her income tax return for the current year: R ...

Tax projectour tax project has changed slightly due to the

TAX PROJECT: Our tax project has changed slightly due to the Presidential Election Year. Your project is to prepare a document, no longer than five pages, reviewing and addressing the following: - Tax policy of Democrati ...

Question 1corporations have been scrutinized as to the

Question 1 Corporations have been scrutinized as to the recording and valuation of taxes they owe. The determination of how much they will pay is a combination income and expenses they report. There are many tax rules an ...

Assignmenti carol is a single mother who owns a wholesale

Assignment I. Carol is a single mother who owns a wholesale auto parts distributorship. The business is organized as a sole proprietorship. Her business has advanced, and she can no longer devote the time necessary to do ...

Dq1tom an executive for a large corporation enjoys the

DQ1 Tom, an executive for a large corporation, enjoys the challenge of preparing his tax return. He is aggressive in preparing his return and searches through all the available publications to reduce his tax liability. I ...

Assigmn a letter to the board of directorsdecisions

Assigmn: A Letter to the Board of Directors Decisions involving capital expenditures often require managers to weight the costs and benefits of different options related to the same goal or project. For instance, decidin ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro