Kelly Legner informal presentation

Kelly Legner informal presentation -...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Informal Presentation of Facts DATE:  December 9, 2009 TO: Sam and Sandy Jones—Client File FROM: Kelly Legner  Facts:              Sam’s Salary Income 1A) Sam’s Salary Income (Box 1 of his W-2) is $66,000. 1B) Sam works as a Professor at Solid University. 1C) Sam has no other form of employment. 1D) Sam is a significant proponent of Internet education and research at Solid  University. Issue:  Can Sam include his income on his tax return. Rules:  IRC 61 (a) states except as otherwise provided, gross income means all income from  whatever source derived, including: compensation for services, including fees, commission,  fringe benefits, gross income derived from business, gains derived from dealings in property,  interest…. . Conclusion and Reasoning:  Yes Sam should include his income on his tax return.  His wages under the code are classified as income. Facts:   Sandy’s Salary Income 2A) Sandy’s Salary Income (Box 1 of her W-2) is $28,000. 2B) Sandy is a second grade teacher. 2C) Sandy has no other form of employment. Issue:  Can Sandy include her income on her tax return. Rules:  IRC 61 (a) states except as otherwise provided, gross income means all income from  whatever source derived, including: compensation for services, including fees, commission,  1 |  P a g e
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
fringe benefits, gross income derived from business, gains derived from dealings in property,  interest…. . Conclusion and Reasoning:  Yes Sandy should include her income on her tax return. Facts:   3A) Gift from Sandy’s Mother was in the amount totaling $15,000. Issue:  Should Sandy include this gift on her tax return? Rules:  IRC 102 says that gross income does not include the value of property acquired by  gift, bequest, devise or inheritance.  Conclusion and Reasoning:   The gift from Sandy’s mother would not be deductable. Facts:
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

Kelly Legner informal presentation -...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online