1. United States v. Cesarini, 296 F.Supp. 3 (N.D. Ohio 1969), is a historical case that decided by United State District Court, the court ruled that property for treasure trove included in gross income for the tax year when realized.
2. § 1.74-1 Prizes and awards. b) Excluded from gross income. Section 74(b) it happens when such prize or award was made solely in recognition of achievements in the past of the recipient in religious, charitable, literary, educational, artistic, or civic fields (Arkin)
3. Yes. It's not common within the IRS, section 7430 of the Internal Revenue Code. IRC is a fee shifting law that demands payment of attorneys’ fees and costs incurred by a taxpayer in most administrative proceedings by IRS. It's done before judicial procedures and IRS before most U.S. federal courts provided a series of requirements met.
4. Yes. Sections 1245 includes all personal properties that are depreciable like PP&E. Recognized gain portion from other disposition or sale of section 1245 property that represents depreciation is ordinary income recaptured. The taxpayer should acknowledge section 1245 gains same to lower of the depreciation taken or recognized gain.
5. Section 1.351-1 These people are in control of the business to which the property transferred. ‘One or more persons’ phrase in this section means it includes trusts, individuals, estates, associations, partnerships, companies or organizations (Internal Revenue Service.).
6. Section 1.61-21 Fringe benefits taxation. Section 61(a) (1) states that, except as otherwise provided in subtitle A of the Internal Revenue Code of 1986, gross income includes fringe benefits, and other related items. For the laws and regulations that relate fringe benefits, we refer to this section paragraph (a) (7). Fringe benefits examples include an automobile provided by the employer, employer-provided aircraft flight. (American Jurisprudence Legal Forms)
7. All up to date forms W-4 transferred to the successor by the predecessor, to be given to the predecessor by the acquired employees. Before the acquired employees submit a revised form, the successor employer must withhold and deduct from wages it pays to the acquired employees referring the information in the W-4 form (Internal Revenue Service.).
8. Yes, he can request form W-2 sooner, if the employees’ employment terminated a date before the calendar date, at the option of the employee, he shall give the employee the statement at any time after termination but not before January 31st of the following year of the calendar year. If the employee whose job has been terminated requests for the form early and there are no expectations that are reasonable from the employee an employer of further employment in the period of the calendar year. The employer shall provide the statement to the employee the same date or before the 30th day after the request (Code of Federal Regulations).
9. Not all the entities fall in the C Corporation for them to decline for federal tax purposes. A corporation making this election is not itself a taxpayer. There are three distinctions for the taxation of companies in three broad categories, C Corporation, S Corporation and treatment that the organization does not exist like the controlled foreign corporation and the disregarded entities. These distinct approaches attract similar, different tax consequences. The regulations help in tax collection, but they have drawbacks because the distortions created by imposing a nominally heavier tax on corporations than other business entities have slowly been criticized (Robinson).
10. The capital expenditure will be medical in nature if they incurred as a medical necessity upon the advice of the physician, the facility solely used by the patient, and the expense is reasonable (Hoffman et al.).
Works cited
Meier, Volker and Matthias Wrede. Reducing the Excess Burden of Subsidizing the Stork. München: CESifo, Center for Economic Studies & IFO Institute for economic research, 2008. Print.
Arkin, Joseph. Taxation of Prizes, Awards, and Scholarships. New York: Reiner Press, 1962. Print.
I.R.C. §7430 (f) (2); Treas. Reg. §301.7430-2(c) (7); and Rule 270 of the Tax Court Rules of Practice and Procedure.
Stieha v. Commissioner, 89 T.C. 784 (1987); Prop. Treas. Reg. §301.7430-5(g); but see Swanson v. Commissioner, 106 T.C. 76, n. 24 (1996).
Internal Revenue Service. Code of Federal Regulations, Title 26 Part 1 Section 1.301 To 1.400 Internal Revenue Service. [S.l.]: Internal Revenue Service, 2016. Print.
American Jurisprudence Legal Forms. [St. Paul, Minn.]: West Group, 1971. Print.
Internal Revenue Service. Internal Revenue Service Cumulative Bulletin. [S.l.]: Internal Revenue Service, 2009. Print.
Robinson, Kevin. A Matter of Perspective. New York: Walker and Co., 1993. Print.
Hoffman, William H et al. South-Western Federal Taxation 2009. Mason, OH: South-Western Cengage Learning, 2009. Print.
