346Rsh03ans - Suggested answers for research exercise 03 1 What is the title of Internal Revenue Code 61 2 What is the title of Internal Revenue Code 62

346Rsh03ans - Suggested answers for research exercise 03 1...

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Suggested answers for research exercise 03. 1. What is the title of Internal Revenue Code §61? 2. What is the title of Internal Revenue Code §62? 3. What is the title of Internal Revenue Regulations §1.74-1? 4. Taxpayer's Name Cynthia M. Carlson 5. Tax Accounting Periods (in question) 1984-1985 6. Method of Accounting You cannot say what you don’t know for sure. Unspecified 7. Taxable Items & amounts (in question) Unreported income of $27,844 for 1984 and $22,560 for 1985 from modeling fees and the sale of controlled substances (drugs or cocaine). 8. Amount of additional income tax assessed by IRS? = 4508 + 5284 = 9,792 §6661 = 2254 + 2642 = 4896 9. What were the issues in
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