Finance-AW49

Finance-AW49 Online Services

 

Problem 1
 
Sansa and Ramsay (husband and wife) timely filed a joint return for 2008. During 2008, Ramsay terminated his employment with Bolt King, Inc. for which he had worked for fifteen years and started up a speaking business. Upon leaving, Ramsay received a distribution from the corporation’s retirement plan in the amount of $200,000. This distribution went into Ramsay’s personal account. Although Sansa knew that Ramsay had received a distribution from the retirement plan, Ramsay never told her the exact amount. Ramsay used $125,000 of this amount to pay off the mortgage on their home which was held in joint names.
 

On their joint return for 2008, Ramsay included the entire distribution in income and reported the 10% penalty. However, despite telling Sansa he was going to pay the $75,000 balance due on the tax return from the retirement fund distribution, Ramsay used the remaining $75,000 of the retirement plan distribution in his business and to support his involvement with his bevvy of paramours. All subsequent balance due notices from the IRS were intercepted by Ramsay, so Sansa did not know there was a tax problem.
 
Ramsay and Sansa’s marriage ended after Ramsay’s relationship became known. The divorce was granted in November 2009. Sansa was awarded title to the family home and Ramsay got the business. The decree stated that Ramsay was solely responsible for all tax liabilities for all years prior to 2009.
 

In December 2009, the IRS sent Ramsay and Sansa notices of the $85,000 balance due ($75,000 tax and $10,000 penalties and interest) for 2008 and offered them a collection due process hearing by issuing a collection due process notice. This was the first time Sansa learned of the outstanding tax. During your Exam Period (i.e., the day you read this), she comes to you for help.
 

Thoroughly assess Sansa’s options, including details about what, if anything, she will need to demonstrate. DO NOT DISCUSS ANY PROCEDURAL OR SUBSTANTIVE ISSUES WITH RESPECT TO COLLECTION DUE PROCESS.
 
You can read more about our case study assignment help services here.
 

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to Case Id . The date is asked to provide deadline.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Case Approach

Scientific Methodology

We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:

Defining Problem

The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.

Structure Definition

The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.

Research and Analysis

This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.

Conclusion & Recommendations

A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.

Related Services

 

Problem 2
 

A. The following questions raise hypothetical situations dealing with the 2005 income tax return of Cersei and Robert Baratheon. Unless the question otherwise requests, give the latest date on which the Internal Revenue Service may validly assess the tax and/or penalties of Cersei and Robert.
 
i) The Baratheon’s 2005 tax return Form 1040 was mailed to the IRS on March 7, 2006 and received on March 10, 2006.
ii) The Baratheon’s 2005 tax return Form 1040 was mailed to the IRS on April 17, 2006 (using a private meter and Post Office box at Robert’s employer) and received by the IRS on April 21, 2006.
 
iii) Never filed.
iv) The Baratheons inserted the words “Denial and Disclaimer attached as part of this form” below the jurat and above their signatures on the Form 1040, and attached a statement entitled “Denial and Disclaimer” in which taxpayers denied liability for income tax. Otherwise the return was complete and correct and the tax shown was paid when the return was filed on April 15, 2006.
 
B. For the following problems, assume the return was timely filed on April 15, 2006
 
i) A Form 872 was executed and mailed on April 14, 2009 extending the statute of limitations to December 31, 2009.
ii) A Form 872 was executed and mailed on April 15, 2009 extending the statute of limitations to December 31, 2009.
 
iii) A Form 872 was executed and mailed on April 16, 2009 extending the statute of limitations to December 31, 2009.
iv) A Form 872 was executed and mailed on March 31, 2009 and a Form 872-T was sent to the IRS on October 25, 2009 and received by the IRS on October 31, 2009.
 
v) The IRS mailed a notice of deficiency in tax of $5,000 on April 15, 2009. The Baratheons petition the Tax Court July 18, 2009.
vi) The Baratheons petition the Tax Court June 22, 2009, an opinion is handed down April 1, 2010, and a decision of the court is entered on May 12, 2010.
 
vii) The IRS mailed a notice of deficiency in tax of $5,000 on April 15, 2009. The Baratheons ignore the Notice.
 
Problem 3
 

Donald and Marla Drumpf filed a joint 2013 federal income tax return claiming the Earned Income Tax Credit (“EITC”) ($3,000), the American Opportunity Tax Credit (“AOTC”) ($2,500), and the Retirement Savings Contribution Credit ($1,200). Before the credits, the Drumpf’s owed $1,400 in taxes. When they filed their taxes (timely), after applying the credits, they requested a refund based on the refundable tax credits. The IRS determined that they were ineligible for both the EITC and the AOTC, and asserted penalties.
 
1) What penalties will they likely face?
2) What are their defenses (both factual and procedural)?
 
Product code: Finance-AW49
 
Looking for best Finance-AW49 online ,please click here
 

Summary