need help with a paper for a taxation class

TAX 650 Milestone One Guidelines and Rubric In this short paper, you will compute the property disposition capital gain and taxation of gross income for the client described in the final project. Based on your computations and relevant sections of the Internal Revenue Code, explain the tax consequences on the possible sale or exchange of the land, including the impact on cash flow and salary or cash distributions. Specifically, the following critical elements must be addressed:

A. Calculate the property disposition capital gains and taxation of gross income. B. Identify the tax consequences on the sale or exchange of the land consistent with capital gain rules. Consider the selling expense, broker’s fees, closing

costs, appraisals, and surveys and the correct schedule form to complete. C. Describe the after tax effects on the client’s cash flow based on the sale of the land. Consider including capital gains tax rules. D. Explain whether or not the client and his child should take a salary or cash distribution according to tax purposes and the Internal Revenue Code and

Treasury regulations. Consider the type of business and the tax effect whether it is salary, dividends , or cash withdrawal. Guidelines for Submission: Your paper must be submitted as a 2–4-page Microsoft Word document with double spacing, 12-point Times New Roman font, one- inch margins, and at least three sources cited in APA format. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more in formation, review these instructions.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value

Tax Computations Accuratel y computes the property di s pos i tion capital gai n and taxati on of gros s i ncome

Computes the property di s pos ition capi tal gai n and taxati on of gros s i ncome, but computati on i s i naccurate or i ncompl ete

Does not compute the property di s pos i tion capital ga i n and taxati on of gros s i ncome

40

Tax Consequences: Salary

or Cash Distribution

Expl ai ns whether the cl i ent and hi s

chi l d s houl d take a s al ary or cas h di s tri buti on accordi ng to tax purpos es and the Internal

Revenue Code and Treas ury Regul ati ons

Expl ai ns whether the cl i ent and hi s

chi l d s houl d take a s al ary or cas h di s tri buti on but detai l s are curs ory or not cons i s tent wi th tax

purpos es and the Internal Revenue Code and Treas ury regul ati ons

Does not expl ai n whether the

cl i ent and hi s chi l d s houl d take a s al ary or cas h di stributi on

40

Articulation of Response Submi s s i on has no major errors rel ated to ci tati ons , grammar,

s pel l i ng, s yntax, or organi zati on

Submi s s i on has major errors rel ated to ci tati ons , grammar,

s pel l i ng, s yntax, or organi zati on that negati vel y i mpact readabi l ity and arti cul ation of mai n i deas

Submi s s i on has criti cal errors rel ated to ci tati ons , grammar,

s pel l i ng, s yntax, or organi zati on that prevent unders tandi ng of i deas

20

Earned Total 100%