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Assignment for Chapter 2:Research Case 2-1 (p. 462) using current literatureResearch Case 2-3 (p.462) using current literatureResearch Case 2-5 (p. 463) using current literature2-1Your client, Barney Green, and his wife, Edith, attended a two-day conference in Maui related to Barry’s work in architecture as a sole proprietor. The Greens went to Hawaii several days early so that they could adjust to the jet lag and be ready for the conference. The $8,000 cost of the trip included the following expenses:First-class airfare $2,500Hotel (seven days) $2,000Conference fee $2,000Meals. $1,500The Greens have records to substantiate all the above expenditures in a manner that is acceptable under IRC 274.List as many possible tax research issues as you can to determine whether the Greens can deduct any or all of the $8,000 of expenditures on their current-year tax return.After completing your list of tax research issues, list the keywords you might use to construct an online tax research query.Execute an online search using your query. For simplicity, select the IRS Publications database from whichever online tax service you use. Summarize your findings.2-3Ban Vallew has a son, Katt, by a previous marriage. Ban’s ex-wife has custody of Katt. Katt Vallew has ahistory of emotional problems, for which he has seen a psychiatrist for several years. This year he hasbecome so disturbed, manifesting violence at home and school, that he was enrolled in a special schoolin Arizona for problem children. Ban pays Katt’s school expenses, $3,000 per month. Ban would like todetermine whether he is entitled to the medical-expenses deduction for the cost of sending his son tothis school.List as many possible tax research issues as you can to determine tax treatment(s) available to Ban on the payments to the school.After completing your list of tax research issues, list the keywords you might use to construct an online tax research query.Execute an online search using your query. For simplicity, select the IRS Publications database from whichever online tax service you use. Summarize your findings.2-5Trevor recently purchased a beautiful house on a hillside in sunny California at a cost of $1 million.Several days of heavy rainfall led to heavy flooding and landslides throughout the region. A week later,the president announces that Trevor’s county is a federally declared disaster area. During the storm,Trevor is surprised to see his neighbor’s house disappear in a mudslide. Visibly shaken, Trevor makesimmediate efforts to sell his home. Although the view from his lot has improved considerably, he meetssevere buyer resistance when forced to explain why he lacks one set of neighbors. Trevor’s best offer,made by a family just arrived in town, is $500,000. Trevor reevaluates his life insurance portfolio, placeshis personal affairs in order, and decides not to sell. Presuming the landslide caused no physical damageto his property, does Trevor have a casualty loss?List as many possible tax research issues as you can to determine Trevor’s potential casualty-loss deduction from the decrease in value of his house.After completing your list of tax research issues, list the keywords you might use to construct an online tax research query.Execute an online search using your query. For simplicity, select the IRS Publications database from whichever online tax service you use. Summarize your findings.
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