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Worksheet_Two - Case#1 FACTS Regala Inc sells timeshares in...

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Tax Research Worksheet #2 Spring 2010 Due: February 1, 2010 Schmitt 15 points ______________________________________________________________________ Instructions: Each student should turn in the assignment separately. You may discuss the assignment with classmates regarding solution strategy, etc. However, I will be expecting independently prepared solutions. The assignment is due at the beginning of class; however, keep a copy because we will be discussing the cases in class. Assignments should be typed (and spell-checked). All answers should include proper citation of applicable authority (see Appendix B of book for proper format).
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Unformatted text preview: Case#1 FACTS: Regala, Inc sells timeshares in Hawaii. Matt buys a timeshare out of the inventory of timeshares for sale by Regala. His purchase allows him access one week per year for life to a 2-bedroom unit at Regala’s Honolulu resort. Matt agrees to pay them $10,000 down and Regala, Inc finances a 7-year note for the balance of the purchase price at the current market rate of interest. QUESTION: Can Regala use the installment method to report its gain on the sale of the timeshare interest to Matt? Case #2 Chapter 4, Research Case #81...
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