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UNIVERSITY OF BALTIMORE UNIVERSITY OF BALTIMORE Robert G. Merrick School of Business Income Taxation (ACCT 405)/Fundamentals of Income Taxation (ACCT 514) Tax Research Project Spring 2023 Prof. Phillip J. Korb TAX RESEARCH PROJECT Due date: Monday, May 8, 2023. (A loss of 5 points will result for each day, including weekends, that the project is late.) The purpose of this assignment is to provide an opportunity for each student to become familiar with tax research materials and to develop their written communication skills. The topics listed below have been specially chosen to result in a straight-forward resolution of a problem without the “blind alleys” that occur in tax research in actual practice. A typed double-spaced report is expected which should be two pages at most. Spelling, punctuation, and grammatical errors will result in the loss of points. You can access Nexis Uni on or off campus. Instructions for accessing Nexis Uni: · Go to https://library.ubalt.edu · Click on “Find Materials” tab at the top of the page. · On the left, click on “Databases.” · Click on the capital N at the top, and then select Nexis Uni. · If you need to Log in you can use the following information: ID: id13sv90 Password: Accountant02 with Capital A · Once you are in Nexis Uni, to search for revenue rulings, Type “irs” in the large search box. · Select “IRS Cumulative Bulletin and Internal Revenue Bulletin.” This adds the link to the search filter. · Enter your key words in the same large search box where it says “Enter key terms, sources, etc.” In pull-down menu under “Previous two years,” select “All available dates.” Then hit search. · To search for court cases, check the “Cases” box under “Guided Search.” Select “Federal Cases.” Enter your key words where it says “Search in all Cases for” under Guided Search. Then hit blue search button. If you still need help with Nexis Uni, this is the link to Librarian, Mike Kiel’s booking page to book an appointment, https://mike-kiel.youcanbook.me/. Requirements: 1. Your report should start with a statement of the problem being researched. 2. A discussion of the applicable section(s) of the Internal Revenue Code should be presented, such as “According to Section 212…” 3. Amplification of #2 above should be provided by references to applicable Income Tax Regulations, such as “According to Regulation 1.212…” 4. Further specifics should be provided by reference to Revenue Procedures and Revenue Rulings, if applicable. 5. Support for your position should be found in at least one court case involving similar facts, if there are applicable cases. 6. A summary of the research and the student’s conclusion should be presented. 7. In reporting all authoritative sources, i.e., #2-#5 above, appropriate citation must be presented. (See chapter 15 for proper citation of the code, regulations, cases, revenue rulings, etc.) You should JUST choose ONE of the following representative problems. You may choose your own problem instead, if cleared by the instructor. 8. Can the damage to property caused by a jet plane breaking the sound barrier be deducted as a casualty loss? 9. Is the expense of having one’s ears pierced by a licensed physician a deductible medical expense? 10. Is a TV set bought by a parent for his 12-year-old child and set up in her bedroom considered support? 11. Are the expenses incurred by a taxpayer in taking a review course preparatory to taking the State examination leading to a certificate as a certified public accountant deductible? 12. Can a taxpayer deduct payment to an arsonist to burn down the taxpayer’s building? 13. Is the cost of a vacuum purchased by a taxpayer with an allergy deductible? 14. Do moving expenses for the purpose of Section 217 include the cost of moving pets? 15. Are premiums for the loss of contact lenses deductible as medical insurance premiums? 16. Is a scholarship awarded to the winner of a beauty pageant included in the recipient’s gross income? HINT: Each problem has at a minimum a revenue ruling to support the answer. Therefore, if you do not cite any revenue rulings you will lose points.