Kelly Legner informal presentation

Kelly Legner informal presentation - DATE:December9,2009...

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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
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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:
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Kelly Legner informal presentation - DATE:December9,2009...

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