Assignment of Income Taxes and IRS Forms
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Assignment of Income Taxes and IRS Forms
You work at a mid-sized CPA firm as an accountant. Bob Jones is one of your clients. The following is Bob’s personal information: DATE OF BIRTH: 10 OCTOBER 1952 444-00-4444 (SSN) Relationship Status: Single 5100 Lakeshore Drive, Pensacola, FL 32502 (phone)
Bob owns and operates a highly profitable used vehicle dealership at 210 Ocean View Drive in Pensacola, Florida. You submitted a Schedule C for Bob with $1,200,000 in taxable income last year. Over the next several years, the company’s income will expand at a rate of 10% per year. Bob’s personal wealth is estimated to be around $14,000,000, which includes interests in land, equities, and bonds. He earned $20,000 in interest and $6,000 in dividends the previous year. The $14,000,000 includes $9,000,000 in land that Bob purchased for $450,000 in 1966. The stocks and bonds have a $1,200,000 tax basis and are currently valued at $5,000,000. The investments have all been owned for at least a year. In addition to his assets, Bob paid $140,000 in 1972 for his home, which is now valued at $600,000. The used car firm is currently valued at $53 million, including the value of the land and building, which is $41 million. Bob has a $2,000,000 and $400,000 tax basis in the land and building, respectively. The inventory is worth $12,000,000, with a cost basis of $10,000,000; the remaining assets, which include office furniture and equipment, account for the remaining value of the company. The furniture and equipment in the office have been fully depreciated. Bob wants your expert opinion on whether he should keep his firm as a sole proprietorship or change it to a partnership, a S corporation, or a C corporation. Bob wants to involve Mandy, his daughter, as an owner and manager in one of the business organizations he has chosen, with a possible 40 percent stake. One of his main anxieties is what will happen to his company after he dies. The following is Mandy’s personal tax information: Jones, Mandy SSN: 999-99-9999 DOB: 30 June 1990 Home Address: 5990 Langley Road, Pensacola, FL 35203 Marital Status: Single
Required:
F. Prepare a detailed tax planning strategy that explains how the client’s family can benefit from tax savings if the client dies. Cite all applicable laws and regulations.
G. Create a strategy plan that tackles the need for a will in the estate’s administration. In accordance with tax statutes and regulations, describe what happens to the business, land, and investments. Consider expanding the strategy to include the client’s estate tax, trust, and charity donations while minimizing estate tax.
H. Recommend estate planning options to reduce the taxable estate in accordance with tax statutes and regulations. In your response, make sure to mention giving property to heirs.
I. Describe the best course of action in the event that the client decides to leave the company in three years. Provide him with some guidance if he decides to give the business to his daughter or transfer the assets or common stock to her, depending on the type of business structure you’ve chosen.
J. Show the best course of action if the client wants to sell the company. Consider the tax implications of capital gains and losses, as well as ordinary income issues and the sale of an existing functioning corporation.
Make sure to credit your sources.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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