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

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, differentiate between the tax treatment of earnings and profit on the distribu ...

Discussion forumnote the video has closed captioning to

DISCUSSION Forum Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on the CC icon, then select from the menu. We are going to examine substitute goods, h ...

Taxone paragraph of writing is required at a minimum for

Tax One paragraph of writing is required at a minimum for each question. Two paragraphs is the maximum 1. How is a single-member LLC taxed for federal income tax purposes? 2. What is a three-factor formula and how does i ...

Taxation research and communicationthe current tax law

Taxation Research and Communication The current tax law system in the United States has emerged over many years from statutory, administrative, and judicial sources. These sources are continually changing and new laws ar ...

Assignment corporation tax accounting projectfollow the

Assignment Corporation Tax Accounting Project Follow the instructions, and make sure you download other required sheet from internet. The only submission required for grading is a complete 2015 U.S. Individual Income Tax ...

Tax researchtax research and practice please respond to the

Tax Research "Tax Research and Practice" Please respond to the following: • Imagine that you are assigned the responsibility of finding several tax research authorities that your firm would need to focus on as it defends ...

Accounting questionearthfriendly inc an irc sec 501c3

Accounting Question: EarthFriendly, Inc., an IRC Sec. 501(c)(3) organization, incurred lobbying expenses of $150,000 and exempt purpose expenditures of $1.2 million in carrying out its exempt mission. What are the tax co ...

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 ...

Organization forms and taxationthere are several forms of

Organization Forms and Taxation There are several forms of business organizations. The Internal Revenue Code (IRC) taxes different forms in different ways. The tax implications can sometimes be important enough to determ ...

Acct 308 - individual income taxrhett and scarlett butler

ACCT 308 - Individual Income Tax Rhett and Scarlett Butler provide you with the following information for 2015: Rhett SS # 222-33-1234 Scarlett SS # 111-22-1234 Address: 1436 Franklin Pike Slippery Rock, PA 16057 In addt ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen