Prepare a memo for the cases below – Follow Exhibit 2-9 as a sample from your textbook. Authority you will use is IRS publication 17. The Analysis section is not going to be in as much detail as what is explained in the sample memo in Exhibit 2-9. You need to write a brief paragraph to explain it to your client.
(1) J.C. has been a professional gambler for many years. He loves this line of work and believes the income is tax-free.
a. Use IRS Publication 17 to determine whether J.C.’s thinking is correct.
b. Write a short memo communicating the results of your research.
(2) Katie recently won a ceramic dalmatian valued at $800 on a television game show. She questions whether this prize is taxable because it was a “gift” she won on the show.
a. Use IRS Publication 17 to answer Katie’s question.
b. Write a short memo communicating the results of your research.
The link for the sample is below.
https://prod.reader-ui.prod.mheducation.com/epub/sn_f02e6/data-uuid-dc406a13c2684ae994225fe8f45c8c28
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