Research Memo Problem (Gifts) Bonnie Clover has come to you for help filing her tax return. Bonnie has filed her taxes for her business on her own for many years but has decided to seek your assistance this year. She is trying to expand her business. With this in mind, she gave business gifts to her most valued customers. The gifts were evenings out at Top Golf valued at $350 per gift. She gave these gifts to 5 business customers for a total business gift expense of $1,750. Bonnie has receipts for the gifts and can verify she only gave them to her most profitable customers. Bonnie has come to you and asks if she is correct that she can deduct the cost of these business gifts (she has done it every year) as business expenses. a. Use the RIA tax service to determine how much, if any, of Bonnie's business gift expenses are deductible. b. Write a memo to communicate your results to your supervisor using the five basic parts: (1) the facts, (2) issues, (3) authority list, (4) conclusion, and (5) analysis. The purpose of the memo is to inform others of the research question and it should be written in an objective manner by discussing all relevant authorities that support as well as conflict with the answer. c. After you I have researched your question and have written a memo for the file please write a letter to your client summarizing your research and giving them your recommendation(s). d. Please make sure that your memo and your letter is grammatically correct and that there are no spelling errors and that you follow the format of the attached Sample Research Memo and Sample Client Letter.
Research Memo Problem (Gifts) Bonnie Clover has come to you for help filing her tax return. Bonnie has filed her taxes for her business on her own for many years but has decided to seek your assistance this year. She is trying to expand her business. With this in mind, she gave business gifts to her most valued customers. The gifts were evenings out at Top Golf valued at $350 per gift. She gave these gifts to 5 business customers for a total business gift expense of $1,750. Bonnie has receipts for the gifts and can verify she only gave them to her most profitable customers. Bonnie has come to you and asks if she is correct that she can deduct the cost of these business gifts (she has done it every year) as business expenses. a. Use the RIA tax service to determine how much, if any, of Bonnie's business gift expenses are deductible. b. Write a memo to communicate your results to your supervisor using the five basic parts: (1) the facts, (2) issues, (3) authority list, (4) conclusion, and (5) analysis. The purpose of the memo is to inform others of the research question and it should be written in an objective manner by discussing all relevant authorities that support as well as conflict with the answer. c. After you I have researched your question and have written a memo for the file please write a letter to your client summarizing your research and giving them your recommendation(s). d. Please make sure that your memo and your letter is grammatically correct and that there are no spelling errors and that you follow the format of the attached Sample Research Memo and Sample Client Letter.
Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions
Section: Chapter Questions
Problem 2RP
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Transcribed Image Text:Research Memo Problem (Gifts)
Bonnie Clover has come to you for help filing her tax return. Bonnie has filed her
taxes for her business on her own for many years but has decided to seek your
assistance this year. She is trying to expand her business. With this in mind, she
gave business gifts to her most valued customers. The gifts were evenings out at
Top Golf valued at $350 per gift. She gave these gifts to 5 business customers for a
total business gift expense of $1,750. Bonnie has receipts for the gifts and can
verify she only gave them to her most profitable customers. Bonnie has come to
you and asks if she is correct that she can deduct the cost of these business gifts
(she has done it every year) as business expenses.
a. Use the RIA tax service to determine how much, if any, of Bonnie's
business gift expenses are deductible.
b. Write a memo to communicate your results to your supervisor using the
five basic parts: (1) the facts, (2) issues, (3) authority list, (4) conclusion,
and (5) analysis. The purpose of the memo is to inform others of the
research question and it should be written in an objective manner by
discussing all relevant authorities that support as well as conflict with
the answer.
c. After
you
I have researched your question and have written a memo for
the file please write a letter to your client summarizing your research
and giving them your recommendation(s).
d. Please make sure that your memo and your letter is grammatically
correct and that there are no spelling errors and that you follow the
format of the attached Sample Research Memo and Sample Client
Letter.
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