assingment in accounting
a7963md
tax_research_assignment_spring_2017.docx
Name ________________________
This is an individual assignment. You may not work with other classmates, nor share your work with them. You need to use RIA CHECKPOINT TAX at George Mason Library databases to conduct this research.
Part I
Find the following authorities in CHECKPOINT. Copy and paste your results in a Word file. Upload/attach your completed file on Blackboard. (Under Assignment Submission, see: Attach a File).
1. Find IRC Sections 451(a). Copy and paste the “General Rule” section.
2. Find IRC Sections 446(a), (b) and (c) . Copy and paste these three subsections in your file.
3. Find Rev. Proc. 2004-34. Copy and paste the paragraphs containing the Headnote and the Purpose.
4. Find the following court case: Artnell Co. v. Comm (1968). Copy and paste the Heading and the Case Information of this case below.
5. Find the following court case. Copy and paste the Heading and Case Information
Tampa Bay Devil Rays, Ltd., 84 TCM 394 (2002).
6. Find the following court case. Copy and paste the heading, the case information and Headnotes including parts 1. , 2., and 3.
Schlude v. Comm. (S. Ct., 1963), 63-1 USTC par. 9284, aff’g, rev’g and rem’g (8 Cir., 1962), 62-1 USTC par. 9137, aff’g 32 TC 1271 (1959).
7. Find the following court case. Copy and paste the title, the Case Information and the Headnote below.
American Automobile Association v. U.S. (03/02/1960).
Part II:
Research Question and related facts:
T.K.M Corporation (one of your firm’s clients) recently sold $20,000,000 tickets for concerts scheduled in the United States for next year and the following year. For financial statement purposes, T.K.M. will recognize the income from the ticket sales when it performs the concerts. For tax purposes, it uses the accrual method and would prefer to defer the income from the ticket sales until after the concerts are performed. This is the first time that it has sold tickets one or two years in advance. T.K.M. has approached your firm and asked for assistance in determining the correct approach for income recognition”
Required: Write an “Internal Firm Research Memo”. In Part 1, you identified key authoritative sources to answer the above question. The main structure of internal firm memo is laid out for you below. Carefully read your findings from research assignment 1 and complete the Conclusion and the Analysis sections below. See Exhibit 2-9 of your textbook, page 2-20 for a sample of Internal Research Memo. Start your memo on the next page.
Internal Firm Research Memo
Date:
Preparer: [insert your name here]
Reviewer: Massood Yahya-Zadeh
Subject: Tax treatment of advance sales of concert tickets
Key facts: [From the description of the problem prepare a description of key facts in the form of a paragraph in your own words]
Client’s key tax Question: [Enter the tax question here in your own words, one or two sentences will be sufficient]
Authorities: [List authoritative sources that can guide you, the tax professional, in reaching a decision about this issue. You have already identified these in part 1 of this research assignment. List them below]
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Conclusion: [write your conclusion to client question in 2-3 short sentences]
Analysis: [Below, provide a complete analysis of authorities listed above in your own words. This could be 3-5 paragraphs with a total of 800 words or less. It must be your own writing. Do not copy and paste from Checkpoint. Please refer to Grammar guideline posted on Blackboard for help. You will be graded on the quality of your writing of this analysis]
