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Statute of Limitations:
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What purpose is served by a statute of limitations? How is it relevant in the case of tax controversies?
Probability of Audit:
Assess the probability of an audit in each of the following independent situations:
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.
Mel operates a combination check-cashing service and pawnshop.
Jayden, a self-employed trial lawyer, routinely files a Schedule C (Form 1040) that, due to large deductions, reports little (if any) from his practice.
Bernard is the head server at an upscale restaurant and recently paid $1.8 million for a residence in an exclusive gated community.
Homer has yearly Adjusted gross income (AGI) of around $70,000 and always claims the standard deduction. He works for a builder installing wallboard in new
Gloria lost a Form 1099-DIV that she received from a corporation that paid her a
Cindy, a former vice president of a bank, has been charged with embezzling large sums of money.
Giselle is a cocktail waitress at an upscale nightclub. She has been audited several times in past years.
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 ten years and married her teenage daughter.
Role of IRS in Transactions:
A mother sells a valuable collection of antiques to her daughter for $1,000. What judicial concept might the IRS invoke to question this transaction?
Differentiate:
What is the difference between tax avoidance and tax evasion?
Support your responses with examples
