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Do you work hard to achieve good grades, but does not get success at that level? Studentwhiz has found out a simple yet interesting way to help its students achieve good grades by learning in a smart way through University of Phoenix Assess the probability of an audit in each of the following independent situatio Solutions and Assess the probability of an audit in each of the following independent situatio Course. Our main motive is that our students should pass their exams with flying colors. Assess the probability of an audit in each of the following independent situatio Study Material and Assess the probability of an audit in each of the following independent situatio Guide are also been provided so that students can learn from them. On our learning portal you will get study material which is 100% updated and imparted by our experts.

Assess the probability of an audit in each of the following independent situatio

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Assess the probability of an audit in each of the following independent situations:

  1. LO.4, 5 A question on a state income tax return asks the taxpayer if he or she made any out-of-state Internet or mail-order catalog purchases during the year. The question requires a yes or no answer, and if the taxpayer answers yes, the amount of such purchases is to be listed.
  2. a. Does such an inquiry have any relevance to the state income tax? If not, why is it being asked?
  3. b. Your client, Harriet, wants to leave the question unanswered. As the preparer of her return, how do you respond?
  4. Solution:
  5. As a result of a jury trial, Linda was awarded $3.5 million because of job discrimination. The award included $3 million for punitive damages.  
  6. Mel operates a combination check-cashing service and pawnshop.
  7. Jayden, a self-employed trial lawyer, routinely files a Schedule C (Form 1040) that, due to large deductions, reports little (if any) profit from his practice.
  8. Bernard is the head server at an upscale restaurant and recently paid $1.8 million for a residence in an exclusive gated community
  9. Homer has yearly AGI of around $70,000 and always claims the standard deduction. He works for a builder installing wallboard in new homes.
  10. Gloria lost a Form 1099–DIV that she received from a corporation that paid her a dividend.
  11. Cindy, a former vice president of a bank, has been charged with embezzling large sums of money.
  12. Giselle is a cocktail waitress at an upscale nightclub. She has been audited several times in past years.

 

  1. Marcus was recently assessed a large state income tax deficiency by the state of California for his utilization of an abusive tax shelter.

 

  • Guy, a professional gambler, recently broke up with his companion of 10 years and married her teenage daughter.

 

 
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