(A) (ii) makes reference to two other Code sections. What are they?
~ Research Problem. Which Rev. Rul. does
Rev. Rul. 76-74 supersede? @Research Problem. What is the date of IRS
Letter Ruling 8302032?
~esearch Problem. On what date was Reg.
1.274-8 adopted?
67. Research Problem. What Code Section
immediately follows Code Sec. 280? 68. Research Problem. Refer to a citator and locate the following case: New York Life
Insurance Co. v. Edwards.
a. b.
What happened on appeal to the Court
of Appeals? What happened on appeal to the Supreme Court?
69. Research Problem. What Code sections
cover the standard deduction, trade or business expenses, losses, medical expenses, and moving expenses? 70. Research Problem. What two Code sections are referred to in Code Sec. 56(f)(2)(F)(ii)(II)? 71. Research Problem. Refer to the Pennsylvania Indemnity Co. case in a citator. What was the disposition of the case on appeal to the Supreme Court from the Court of Appeals?
~esearch Problem. What is the effective date
of Code Sec. 1031(f)? 76. Research Problem. A borrower is personally liable on a real estate mortgage with an outstanding balance of $1.5 million. Borrower's basis in the property is $1 million and the property has a current fair market value of $1.2 million. The property is repossessed by the bank. a. If the borrower is insolvent both before and after the repossession, what taxable gain, if any, is recognized by borrower? b. Does your answer to (a) change if the borrower is not personally liable on the mortgage (i.e., a nonrecourse debt)? Why or why not? 77. Research Problem. Anthony Antunicci, a Massachusetts lawyer, has tired of the long, cold New England winters. He recently spent three months in Florida where he took a Florida bar review course which enabled him to successfully pass the Florida bar exam. He has since opened a second law office in Coral Gables and plans to work in that office from January through March each year. His younger brother, Joey, will operate their Boston office in his absence. Can Anthony deduct the cost of the Florida bar review course as an education expense since he has already established himself in the profession of being a lawyer by previously passing the Massachusetts bar exam? (Hint: to answer this question using CCH Online, use the search term: (lawyer or attorney) and (bar review course and second state).)
@Research Problem. Reg. 1.212-l(n) refers
to two Code Sections. What are they?
73. Research Problem. Refer to Black's Law Dictionary or a similar legal reference book and ascertain the definition of the following words or terms: annotated, certiorari, remanded, dictum, acquiesced. 74. Research Problem. A taxpayer has a cellular telephone, used 45 percent for business and 55 percent for personal use. Is the MACRS depreciation method allowable?
78. Research Problem. Jane was notified by the
IRS that she should appear at the local IRS district office with records supporting travel expense deductions taken on her 2012 tax return. Because she had to meet with some clients, she did not appear at the IRS office, nor did she bother to make an appointment for an alternative time. To what penalty or penalties could Jane be subject?