2000 - UNIVERSITY OF FLORIDA COLLEGE OF LAW FINAL...

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1 EXAM NUMBER: _________ DATE: May 4, 2000 TIME: 9:00 A.M. TIME LIMIT: FOUR and one-half HOURS Instructions 1. You may consult any written materials you consider helpful. 2. Unless otherwise indicated, all parties are on the cash method of accounting and use the calendar year. All parties are unrelated unless otherwise indicated. All parties are single and not heads of households, unless otherwise indicated. 3. Some questions have space provided for a short answer, such as a dollar amount or a single word (e.g., correct or incorrect). You must write an appropriate answer in such spaces. For example, if a question calls for a dollar amount, anything other than arabic numerals stated in terms of U.S. dollars will be incorrect. 4. This exam is due in my office by 1:45 p.m. 5. Place your exam number or other form of identification at the top of this page. 6. I will answer no questions prior to the time you turn in your paper. 7. The exam contains EIGHT questions, with the point totals as shown. You should answer a total of 100 points worth of questions. At your option, you may answer more and receive additional credit. UNIVERSITY OF FLORIDA COLLEGE OF LAW FINAL EXAMINATION INCOME TAX SPRING SEMESTER, 2000 PROFESSOR WILLIS
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2 QUESTION ONE (10 POINTS) Recall the Zaninovich/Grynberg division regarding deductibility of pre-paid items by a cash method taxpayer. Suppose you are a judge in a circuit that has not yet spoken on the issue. Which approach would you take? Why? If you believe a third approach is preferable, what would it be? Please limit your answer to one page. QUESTION TWO (20 POINTS) In 1999 your client had adjusted gross income of $600,000. On December 30, 1999, your client gave undeveloped land to a public charity – a school described in section 170(b)(1)(A)(ii). His grandfather gave him the land in 1995 when it was worth $100,000. His grandfather purchased it in 1920 for $100. At the time of the gift to the charity, the land was worth $250,000. In 1994, your client had adjusted gross income of $100,000.
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2000 - UNIVERSITY OF FLORIDA COLLEGE OF LAW FINAL...

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