IRAC_Memo#1

IRAC_Memo#1 - Neal, Tiffany Tax Research Memo Assignment...

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Neal, Tiffany Tax Research Memo Assignment 2-2-2 Tax Research Memo #1 Tiffany Neal Professor Angus Franklin University 09/27/2010
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Neal, Tiffany Tax Research Memo MEMORANDUM TO: Don Dewey 4321 Mount Vernon Road Dover, DE 19901 FROM: Tiffany Neal DATE: 9/27/2010 RE: Tax options Issue Don, it is to my understanding that you and your wife Mary Dewey are two professionals with a combined adjusted gross income of $400,000. Your household consists of two children Debra and Van ages 16 and 23. You are seeking advice on whether it would be appropriate for your son Van, whom works a part-time job with earnings of $16,000, to claim Debra as a qualified child for income tax purposes. Rule Here are some of the laws that coincide with your inquiry: Code Sec. 24 - Child Tax Credit states that limitations based on adjusted gross income under subsection (a) shall be reduced by $50 (but not below zero) for each $1,000 by the taxpayer’s modified adjusted gross income exceeds the threshold amount. Threshold meaning (a) $110,000 in the case of a joint return (b) $75,000 in the case of a single individual and (c) $55,000 in the case of a married individual filing a separate return (Thomson Reuters/RIA, 2009).
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This note was uploaded on 12/18/2010 for the course ACCT 2 taught by Professor Professorangus during the Spring '10 term at F & M.

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IRAC_Memo#1 - Neal, Tiffany Tax Research Memo Assignment...

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