Deck 8: State Tax Services

Question 1

LexisNexis offers a KWIC document view. What is KWIC

Answer 1

The various services provided by the LN as well as the dedicated LN tax center has been designed in order to provide the relevant issues related to tax and accounting with convenience. The plethora of database provides huge amount of credible information to the subscribers.
The search has been basically updated in order to keep up with the demands of the tax and accounting practitioners. The service delivery ranges from legal, business as well as news records. All the information has been covering the variety of issues from keeping records, regulatory framework, revenue codes and portfolio database.
The keywords search has been one of the main features displayed that are basically ordered by the relevant source and that can be viewed with number of ways by choosing some of the alternatives from the top of the search list. The KWIC that is the key word in the context that can be available in full or customized version is one of its features. The researcher can select words that have been providing the context.

Question 2

Use WestlawNext Campus Research to answer the following questions:
a. What is subchapter B of title 26, subtitle A, chapter 1 of the Code of Federal Regulations
b. What I.R.C. section covers the inclusion of the rental value of parsonages
c. What is the key number for medical deductions
d. In the Hargrove case, why was certiorari granted by the Supreme Court in 2010

Answer 2

The services provided by the W group subsidiary west law offers the legal services in the field of tax research and accounting fields. The west law provides the best user interface for its subscribers as well as professionals. It is designed in a way that makes it look similar to the normal browser with same feel and interface. The search engine has been designed in a way to perform certain kinds of search as in the expert is searching for its subscribers.
a.
Computation of Taxable Income is displayed in the Subchapter B of Title 26, Subtitle A, Chapter 1 of the Code of Federal Regulations.
b.
The IRC Section that takes into account the addition of the rental charge of vicarages is §107.
c.
220k3366 is the key number for Internal Returns: Expenditures - Medical outlays.
d.
Hargrove (130 S Ct 3543) is the certiorari approved by the Supreme Court in the year 2010 in the light of the Skilling case. The decision was cleared out and incarcerated to the 7 th Court of Appeals for additional contemplation.

Question 3

Bruce wanted to be an Olympic skater. His family paid $12,000 in 2006 and $14,000 in 2007 for travel and training expenses related to skating practices and competitions. Bruce made the 2008 U.S. Olympic team. The U.S. Olympic Committee is an exempt organization. How much of Bruce's expenses are deductible and when

Answer 3

US Federal Tax Laws: The very first step in discovering possible authority in the matter of tax generally consists of recognizing the relevant code section. The statutory source in current is Internal Revenue code (IRC) which is written by the congress and it is also termed as tax code.
As in the given case, B's family paid him $12,000 in the year 2006 and $14,000 in the year 2007 for travel and training expenses related to skating practice and competition.
B was selected in U.S. Olympic team in the year 2008. Also the U.S. Olympic Committee is an exempt organization.
As per section 170(j), expenses which are related with services are deductible if such expenses are incurred for the purpose of achieving the charitable organization aims not for taxpayer aims.
Also, if the contribution directly made to charitable organization then it qualifies for deduction.
However, if the contributions are directly made for the benefit of the taxpayer even though indirectly it is beneficial to such charitable organization shall not be deducted.
In the given case, B's family might get the benefit of charitable deduction if such contribution directly made to Olympic organization and organization paid B's costs. But contribution is made directly for the benefit of B.
Hence, B's expenses are not deductible. These are only deductible if the contribution made directly to Olympic organization.

Question 4

Rose is a state legislator for a small district located 300 miles from the state capital. Thus, while the legislature is in session (generally 60 days of the year), Rose lives in the capital. If there is a special session, she may have to stay another 30 days. She is rarely gone for more than 100 days. The remainder of the year, Rose is a farmer. Can Rose deduct her costs of attending the legislature as travel expenses because she is away from her home

Question 5

What are the three options offered by LexisNexis Get a Document for retrieving documents

Question 6

Use the Lexis Tax Center to answer the following questions. (Hint: click on the "i" for information.)
a. What is the frequency and update schedule for the Federal Courts Tax Cases
b. Using the document (Doc) description of the I.R.C. Legislative History, describe how certain committee reports are included in the analysis.
c. Who publishes the LexisNexis Tax Advisor-Federal Topical
d. Select LexisNexis Tax Advisor-Federal Topical database. Perform a natural-language search to determine the tax treatment of stock redeemed from a deceased shareholder. Perform the same search using terms and connectors. List your natural-language search and the number of documents it retrieved. Provide the same information for the terms and connectors search. Explain why one was a more effective search.

Question 7

Harold installed a safe and an alarm system and bought a German shepherd dog to protect his vintage paperback and comic book collection. What are his deductible items

Question 8

Chris and Sue are 50 percent shareholders in the BackBone personal service corporation. BackBone provides chiropractic services in four small towns: Troy, Union, Vista, and Willow. Chris is the main chiropractor in the Troy office, and Sue heads the Vista office. The two other offices have chiropractor employees running the practices, but that is where BackBone's trouble lies. Charlie, the main chiropractor in the Willow office, does not see eye-to-eye with Chris and Sue on management styles. Charlie does not take well to any interference in how he runs the office, the hours he keeps, or the therapy techniques he employs.
Firing Charlie is not an option for two reasons. First, it is difficult to find chiropractors who want to work and live in small towns. Second, and most important, if Charlie were to leave BackBone, he would start his own practice in Willow. He is very good with patients and easily would be able to take at least 80 percent of the clients in Willow. Sue and Chris have noticed that some of the patients in Union drive to Willow because they prefer Charlie to Joe, the chiropractor in their Union office.Chris and Sue do not want to compete with Charlie and would prefer that the parties come up with an arrangement that would make everyone happy. They already pay Charlie handsomely, so more salary is not the solution. For Charlie, it seems to be a matter of control. Chris and Sue may be willing to give up control of the Willow office, but they do not want to completely lose the profits this office adds to BackBone.Chris and Sue have come to you for some suggestions on how to solve this problem with the lowest tax cost. Provide BackBone with several options and the tax consequences of each. Support your conclusions with primary citations.

Question 9

What is LexisNexis Academic

Question 10

Use Lexis Tax Center to answer the following questions. (Hint: use More Sources.)
a. What is the update schedule for the IRS Advance Releases
b. Which law reviews are offered as separate databases
c. Use the Lexis Tax Advisor - Federal Code Reporter to find I.R.C. § 74. What is the title of the Analytical Materials authored by Darren Heil
d. What is the title of the first article in Tax Analysts Tax Notes Today

Question 11

Donna's and Albert's children attend a parochial grade school. The school charges $1,500 annual tuition and $200 for uniforms for Donna's children, but only $500 tuition and $100 for uniforms for Albert's children because he is a member of the congregation. Albert contributed $800 to the church this year. Can Donna and Albert withdraw amounts out of their children's Coverdell Educational Savings Accounts to pay for this private primary-school education What is the amount of Albert's charitable contribution for the year

Question 12

Joe Roberts, 22 years old, is the star of the State University basketball team. He will likely be selected in the first round of the NBA draft. Needless to say, Joe is being wined and dined by several sports agents, and each has been providing Joe with "incentives" to be selected as his agent. These incentives range from trips to Las Vegas to Rolex watches. This is all overwhelming for Joe, as he grew up on a farm in Kansas. His parents are also being wined and dined in hopes that they can influence him in his choice of agents. After finally selecting an agent, the time has come to negotiate with the basketball team that selected him. Joe relies completely on the agent in these dealings. Joe is just interested in playing ball, and he does not really care much about the financial details. Joe's agent is in the final negotiating stages with the San Antonio Spurs. The potential offer is $3.5 million for the first year, a signing bonus, and incentive bonuses based on his and the team's performance plus fringe benefits. These benefits will include health and dental insurance, life insurance, a team car, a clothing allowance, a travel allowance for him and his family, free tickets to each game, and all the training and fitness coaching he needs. A retirement plan is a separate benefit to be negotiated. Joe has come to your firm for tax guidance with regard to the package offered by the Spurs. Provide Joe with a tax analysis of the compensation package. Suggest any tax planning that could help Joe maximize his lifetime wealth.

Question 13

How are tax materials accessed on LexisNexis Academic

Question 14

Use LexisNexis Tax Center to answer the following questions:

A) Select the Tax Topics tab. There are two search options. The first is a keyword search; what is the second option
B) Select the Tax News Tab. What sources are listed under Accounting that can be browsed (clickable titles)
C) Select A to Z Source lists. What document is the last one listed under the letter E
D) Select the Accounting SEC tab. What industries are available under Accounting by Industry

Question 15

Julie is a professional singer in the non-profit City Symphony Chorus (CSS). CSS requires that all members wear traditional formal wear (i.e., $500 tuxedos for the men and $300 long black gowns for the women) during performances. In addition, because of her annual $15,000 contribution to the CSS patron drive, Julie is a member of CSS's board of directors. The board chooses the works to be performed, sites for the concerts, and the resident conductor. How much of Julie's $15,300 expenditures this year can she deduct

Question 16

Ella works at an accounting firm and like many accountants, tends to spend more than 40 hours a week at the office preparing and reviewing tax returns and providing tax advice to her clients. Recently, Ella decided to move out of her one-bedroom condominium and into a larger single-family home. Rather than sell the condominium, however, Ella elected to start renting it and was able to secure a reliable tenant. Shortly after Ella began renting out the condominium, one of the kitchen appliances needed replacement at a cost of approximately $1,400. Ella wishes to immediately expense the cost of this appliance under I.R.C. § 179. Prepare a memo that describes the qualifications for immediate expensing under § 179 and whether Ella's cost will qualify as deductible.

Question 17

Why might some researchers find the citators in WestlawNext or Shepards' superior to those found in Checkpoint or IntelliConnect

Question 18

Using LexisNexis Tax Center's Analytical Sources, answer the following questions:
a. Select the Specialized Tax Planning tab. Which chapter in Tax Planning for the Alternative Minimum Tax discusses depreciation
b. Select the Exempt Organizations tab. What Tax Analysts products are available (More Sources)
c. Select the IRS Practice Procedures tab. In which section of Federal Tax Practices and Procedures are settlement procedures discussed
d. Select the Business Entity tab. In the Valuation Handbook , what three methods are discussed for valuing intangibles other than value based on sale or exchange

Question 19

The farmers in Whitman County are concerned about the prices they are receiving for their crops. They decide to create the Whitman County Farm Commission, whose purpose is to encourage farmers to band together when selling their crops, educate legislators on farming issues, and instruct farmers on methods to control pests and weeds in the most environmentally safe manner. Does this organization qualify for tax-exempt status

Question 20

Phil recently received a permit to open a medical-waste incineration center in Newark, New Jersey. He has been working on the project for some time with his colleague Karen. Now that they have received a permit, they are going to establish an S corporation to handle operating the new business, with Phil as the CEO and Karen as the COO. They feel comfortable that the new business venture is going to make large profits, because other similar businesses have done well (the key, as it turns out, is working with federal, state, and local agencies to obtain the permit). Phil wants to limit the amount of employment taxes he pays on his compensation from the S corporation and is thus considering paying himself a very low salary and taking the bulk of his profits from the business as a distribution from the S corporation. Prepare a memo that explains how reasonable compensation can be established for Phil; include techniques from both the circuit in which he resides and any other circuit for addressing the issue of reasonable compensation.

Question 21

Use the BNA Tax Accounting Center to answer the following questions:
a. Which U.S. Income Portfolios cover gross-income related topics
b. Find the Green Incentives Monitor. How many days in the month of September 2013 did the Green Incentives Monitor publish an article under the News heading
c. Find the table of contents for the Employment Tax Withholding Requirements in the Tax Practice Series on Compensation Planning. What is the paragraph on statutory employees Once found, open the document and then click Chapter Outline at the top of the page. What is the paragraph that covers income tax withholding on fishing crews
d. Perform a search of the source documents to locate an IRS publication covering moving expenses.

Question 22

Use the LexisNexis Academic Legal Search option to answer the following questions:
a. Select the Tax Law database and perform a terms and connectors search using the following terms: deferral, services, and advance payment with "and" connectors. What 2004 revenue procedures are listed in the results
b. Which of the two revenue procedures found in a. discuss the deferral of advance payments
c. What is the citation for the negative treatment that is distinguishing

Question 23

Three friends form a film-production partnership. Will the operations of this partnership qualify for the domestic-production-activity deduction in the current year

Question 24

Ernie and Julie Paltrow purchased a 57-acre property in Temecula, California in 2011. They began developing approximately 40 acres of the property for vineyards and incurred substantial costs to prepare the land for the vines, purchase the rootstock for the wine grapes they wish to grow and, of course, plant numerous vines around the acreage in hopes of eventually producing a fine wine. This took approximately two years and during that time, the Paltrows capitalized the costs until 2013, when the vines started to grow. At that point, the Paltrows put the vineyard into service, and now they wish to deduct the $800,000 vineyardrelated costs as quickly as possible. They placed in service only nominal amounts of other assets in 2013 and are expecting a healthy profit (more than $2 million) from the sale of the wine. Based on the law in effect in 2013, what is the Paltrows' best alternative for recovering these business-related costs as quickly as possible

Question 25

Use the BNA Tax and Accounting Center to answer the following questions:
a. Use the Guided Search function and select Fast Answers: Federal Tax. What revenue procedure covers the safe harbor for deducting home-office expenses in lieu of actual expenses
b. Perform a keyword search for all collections using keywords 2012-62. How many documents are found In which collection is the actual IRS Notice 2012-62
c. Use the Go To function to find IRS Notice 2012-62. What is the website to determine if your area is in a drought
d. Using Advance Search/Laws, Regulations, Agency Documents/Tax/IRS Documents, search for notice 2012-62. Which document other than the Notice is found

Question 26

Use the LexisNexis Academic Legal Search option to answer the following questions:
a. Use the Tax Law database and perform a terms and connectors search using the following terms: taxing, barter, and baby-sitting with "and" connectors. How many law review documents are in the results
b. Use the Tax Law database and perform a terms and connectors search using the following terms: taxing, barter, and babysitting with "and" connectors. How many law review documents are in the results
c. From the results in b., find the article from the Catholic University Law Review. Do a search within results for the word tomato. What is the result
d. From the results in b., find the article from the Catholic University Law Review. Do a search within results for the word tomatoes. What is the result

Question 27

Can a business traveler to your city use the high-cost-city meal allowance for travel away from home overnight What would the meal allowance be for a business trip to Washington, D.C.

Question 28

Swoosh, Inc. is a shoe manufacturer. Consider each of the following activities and explain in a memo whether these activities will qualify for the research and experimentation credit.
a. Swoosh researches how well different running shoe designs, shapes and forms perform. By determining the ideal shape, form, and design, Swoosh will be able to improve the performance of its shoes.
b. Swoosh performs an experiment using many different shoes that all perform very well, but Swoosh is uncertain which model of shoe is ideal. Using computer models and simulations and by paying athletes to run in the different types of shoes, Swoosh is able to determine the best alternative for the new brand of shoe.
c. Swoosh performs research to determine the ideal placement of the logo on its shoes. Swoosh's study determines that customers are more likely to buy the shoes if its logo is placed approximately in the middle.
d. Swoosh undertakes to engineer a basketball shoe that prevents ankle injuries in basketball players. It designs several shoes with different sizes and materials for the laces and ankle support and tests each to determine which combination puts the least amount of stress on the ankle. The equipment used to test the shoes measures the physical forces being put on the ankle area of the shoe during normal movement.
e. Swoosh tests different designs and asks focus group participants to wear the shoes and report, on a scale of 1 to 10, which shoe felt the best around their ankles.

Question 29

Use the BNA U.S. Income Portfolios to answer the following questions:
a. Use the keyword index for the U.S. Income Portfolios and find Holiday Pay. What is the portfolio number (and section) that discusses holiday pay
b. In the portfolio identified in a., what is demonstrated in Worksheet 7
c. What is the portfolio number (and section) that discusses in general the timing of deductions under the all-events test for an accrual-based taxpayer
d. In the portfolio identified in c., an article by Nellen is listed in the Unofficial Bibliography. What is the article's title and in what periodical does it appear

Question 30

Use the LexisNexis Academic Legal Search option to answer the following questions:
a. Using the judge's last name Sotomayor, determine the treatments of the petitions for writ of certiorari decided on October 7, 2013. Also provide the full name of each case and from which court of appeals the writ originated.
b. When using terms and connectors searches, what do the following connectors mean W/10; PRE/20; NOT W/seg; and ATLEAST5. (Hint: click on Tips for using search connectors.)

Question 31

Nancy and Curtis had not spoken to each other since their mother's funeral in 2001. Nancy broke the family discord this year by selling Curtis a family heirloom, basis to her $14,000, for $1,700. What are the tax consequences of this transaction

Question 32

How can finding a BNA Portfolio on point with a practitioner's tax issue be like hiring someone to do the research

Question 33

Use the BNA Tax Accounting Center to answer the following questions:

A) What options are available in the Advanced Search
B) What actions do the following search operators (connectors) perform: spaces between words, question mark ( ), and asterisk (*)
C) Using a Guided Search, what options are available besides a keyword search
D) How does the Go To option function

Question 34

Use the LexisNexis Academic Legal Search option, Tax Law to answer the following questions:
a. What types of sources are provided in the Tax Law library
b. Furnish the title of the most recent UCLA Law Review article that discusses the zombie apocalypse.
c. One of the sources in Tax Law is The Tax Adviser. What is the coverage period for this journal and how often is this journal published (Hint: use the "i" button.)
d. What is the title and citation for the Tax Notes Today article that discusses the Tax Court case related to deducting business expenses related to a medical marijuana facility

Question 35

Zarco, a very profitable corporation, was owned by Julio, Tilly, and Martinez. Julio and Martinez purchased all of Tilly's Zarco Corporation stock for $50,000 and a $100,000 promissory demand note guaranteed by Zarco. Tilly demanded payment on the note, and Zarco, rather than Julio and Martinez, paid the note. What are the tax consequences of this transaction

Question 36

How is each BNA Portfolio arranged

Question 37

Use the BNA Tax Accounting Center to answer the following questions:
a. Use a Go To search to find 30 T.C. 757. What is the issue in this case
b. Using a Guided Search, determine which Expert Analyses cite 30 T.C. 757.
c. Using an Advanced Search, choose the Attorney field and enter the name Gill. Limit the dates to the year 2012. In what Tax Court case(s) was Gill the lawyer
d. Using the Search Indexes Finding Aids, enter qualified production activity income as the search term. What is referenced in the results of this search

Question 38

Use LexisNexis Academic Sources by Area of Law, Taxation Law to answer the following questions:
a. How many United States sources (U.S. Federal All) are available for the Treatises Analytical Materials library
b. Locate an article in the Legal News publication database Tax Analysts Tax Publications (Country United States, All Regions) discussing a bank's tax planning strategy to maximize foreign tax credits using a program known as STARS published in October 2013. What is the Tax Analysts citation to the underlying court case
c. Select the Cases for Publication Type for the United States, Northeast region. Which states' cases are included in the West region
d. Select the Administrative Materials for Publication Type for the United States, and Region California. What sources are offered in the browse option

Question 39

Dolores is a limited partner in the Houston Hopes partnership. This year, she was forced under the terms of the agreement to make a $50,000 contribution to capital because the general partners were unable to meet the entity's operating expenses. Dolores's basis in the partnership prior to the contribution was $40,000, but her at-risk amount was zero because of her limited-partner status and her prior-year passthrough losses. What is her at-risk amount after the $50,000 cash call

Question 40

Describe the Working Papers section of a BNA Tax Management Portfolio.

Question 41

Use the BNA Tax Management Portfolios to answer the following questions:
a. What is the portfolio number (and section) that discusses the issue of a stuffing allocation to a redeeming hedge-fund partner
b. Which Sales and Use Portfolio discusses the true object test for sales and use taxes on information services
c. Which portfolio contains a worksheet demonstrating the attribution rules between family members for I.R.C. § 267 What is the worksheet number

Question 42

Use Tax Analysts Tax Notes to answer the following:
a. Perform an advanced search for the keywords S corporation and section 162(m). What are the title and authors' names of the article on low S corporation pay
b. In the article found in a., in which cited court case was an accountant held to be paying himself too little compensation from his S corporation
c. In which large accounting firm did Watson (from b.) begin his accounting career
d. What is the amount of compensation that the court held reasonable for Watson for the years in question

Question 43

The IRS acquires vast amounts of sensitive information about individual taxpayers. The government is required to keep this information confidential. May a state child-support agency obtain access to an individual's Form 1040 information when determining the person's ability to pay child support

Question 44

Who designed Westlaw What is its target market

Question 45

Use WestlawNext Campus Research to answer the following questions:
a. Find Reg. § 1.61-11. What is the subject matter of this regulation
b. Which American Law Reports - Tax covers the theft of grain as a casualty or theft loss under I.R.C. § 165
c. Find 169 A.L.R. Fed. 1. What issue does this source discuss
d. Which court case that appears in 169 A.L.R. Fed. 1 examines the timing of worthless bad debt because of a check returned unpaid
e. Which items in WestlawNext cite the court case found in d. above

Question 46

Walt was convicted of murder and sent to prison for life. Walt continued to profess his innocence. His sister, Wanda, believed him. After spending three years in law school and two years gathering facts, she proved that he was innocent. Walt and Wanda assigned the book, movie, and photo rights concerning their story to Sundance Films for $500,000. How is this payment treated by Walt and Wanda

Question 47

John is a shady real estate broker. In 1980, he sells Roy homestead rights to 500 acres in Nevada. In the current year, the land has become moderately valuable, and Roy sells his rights to Velma. When Velma tries to exercise the rights, she discovers that Roy never had the rights. She sues Roy for return of the money and legal fees. Roy would like to sue John, but he has long since skipped town, never to be found. Roy wants to know if he can claim a theft-loss deduction for the damages paid to Velma and all his court costs as result of this breach of title warranty. Roy thinks that he was the victim of a swindle when he bought the nonexistent rights from John.

Question 48

The opening screen in Westlaw is designed to look and feel like what other kind of search

Question 49

Use WestlawNext Campus Research to answer the following questions:
a. What is the Westlaw Key Number for Gross Income under Taxes
b. Find Stewart v. U.S., 106 F.2d 405. Which court presided over this case
c. According to Westlaw's KeyCite flag, what is the status of this case
d. Which court reversed the decision cited in b.

Question 50

Hugo was planting a tree when he unearthed 100,000 certificates of ITT bearer bonds, with a current value of $4 million. He speculated that they had been placed there by the home's former owner (now deceased), at a time when they were worth nearly $400,000. Hugo did not sell the bonds by the end of the year. Must Hugo recognize any gross income with respect to the bonds

Question 51

Emily's department is required to attend a business meeting in Orlando, Florida. To reduce the costs, the employer charters a 16-passenger plane. Because only 10 employees are attending the meeting, Emily is permitted to bring her husband and daughter along on the flight. How much income will Emily recognize for this fringe benefit

Question 52

How is a space between keywords interpreted by Checkpoint, CCH IntelliConnect, Westlaw, and LexisNexis

Question 53

Use WestlawNext Campus Research to answer the following questions:
a. What is the New Mexico regulation that defines "base income "
b. Find the Armstrong v. Commonwealth of the Northern Mariana Islands Supreme Court action that occurred in June 2010. Was certiorari granted
c. How many law reviews are available as secondary tax sources
d. Who wrote the article "Taxing Anxiety" in the Florida Tax Review

Question 54

Karla is a single parent with two children, ages 7 and 11. She is a full-time student and earns $12,000. Both children receive dividends and capital gains from mutual funds acquired for them by their grandparents. Karla has elected to include her children's income on her return for the kiddie-tax computation. Since it is on her tax return, does her children's income affect the computation of Karla's earned-income credit

Question 55

The downturn in the economy created great stress on the housing market and on homeowners. The federal government developed the Home Affordable Modification Program (HAMP) to help struggling homeowners. Under the plan, homeowners who make timely payments on their modified loans are eligible for Pay-for-Performance Success incentive payments, which are made on their behalf directly to their lenders. Homeowners can receive principal reductions of up to $1,000 per year for up to five years. Are these payments taxable to the homeowners

Question 56

What are KeySearch and the West Key Number System

Question 57

Use WestlawNext Campus Research to answer the following questions:
a. Using Find Case by Party Name, locate the 2008 Supreme Court case, Boulware. Provide the Federal, Westlaw, RIA, and CCH citations for the case.
b. Under Topics, what secondary resources are available for Securities
c. Select one of the resources located in b. and determine its contents.
d. Find I.R.C. § 67. Using the Context and Analysis tab, what is the reference to the Encyclopedia that covers the deduction of impairment-related work expenses Based on this analysis, are these expenses subject to the 2 percent floor

Question 58

At gunpoint, Roger lent $2,000 from the cash register at his hardware store to four large youths who told Roger that they wanted a loan to set up their own business. Not having the phone number of any of the sprightly entrepreneurs, Roger could not recover any of the invested funds. Can Roger claim any deduction with respect to this loan In what tax year

Question 59

Ike and Tina were married in 2001 and shortly thereafter purchased a home by taking out a $300,000 mortgage. In 2008, Ike and Tina divorced. The divorce decree gave sole possession and ownership of the house to Ike. However, Tina was to continue making the mortgage payments as part of her spousal maintenance obligation. Are these payments deductible in full or in part by Tina as home-interest expense or alimony or are they payments on a debt obligation and not deductible

Question 60

What are the major analytical materials offered through LexisNexis Tax Center

Question 61

Use WestlawNext Campus Research to answer the following questions:
a. Find the House proceeding during which the bill to add flu vaccines to the list of taxable vaccines was discussed on the House floor and was passed by the House. What is the date of this proceeding and who introduced the discussion
b. Indicate your search strategy for a. Include your search terms, databases chosen, and search iterations.
c. Which statutes were affected by the new public law related to including flu vaccines on the taxable list
d. Which key number is suggested for this Code section

Question 62

Phyllis, a Virginia resident, owns some property in Florida. Every year, she travels to Florida (coincidentally, during baseball's spring-training season) to inspect the property, initiate repairs, interview new tenants, and search for new properties in which to invest. She also attends approximately 20 ball games. Determine Phyllis's deductible travel expenses.

Question 63

Todd bought a used speedboat by writing a check for $23,000. When the seller presented the check to Todd's bank, it was rejected, with the bank indicating that Todd no longer had an account at the bank. The seller then requested Todd come back for an item he left behind, but the police were waiting and Todd was arrested for theft. He was handcuffed in front of his family, taken to jail, and put in a holding area with drunks until bail could be arranged. Once it was determined that the bank had made a terrible mistake, Todd sued the bank for false imprisonment and defamation. He received $200,000. Although Todd suffered no physical injury from the arrest and detention, he did have nightmares and sought psychological help for several months, and the bank paid the bills. Because Todd was physically held against his will, he thinks the $200,000 is not taxable. Is Todd correct