The preparation of an effective and efficient tax research memorandum requires a thorough analysis of the issue, facts, and authoritative rule, statement, or regulation to determine an appropriate conclusion, just as with a traditional research paper. During your time at Franklin, you have undoubtedly become very familiar with the “IRAC” method or format for research papers consisting of four general parts:
Utilizing this type of structured analysis helps you to focus on your writing, resulting in a more effective and well-reasoned paper.
You will be using a slightly modified version of the IRAC model or structure in completing this assignment. While the type of structured, rules-based analysis you will be doing is the same, it will be structured in a format more traditionally used by accountants and other professionals.
Cory and Matt are equal members in Capri, LLC. Capri, LLC purchased equipment subject to a lease. Capri also partially financed equipment purchased using promissory notes. Part of the notes were recourse, the remaining were nonrecourse. Neither Cory nor Matt signed any of the notes or otherwise guaranteed repayment of the notes. In addition, Capri, LLC owns the building in which their business is located, subject to a mortgage. Cory and Matt personally guaranteed the mortgage.
In 2017, Capri LLC reported a very large loss.
The LLC operating agreement contained the following provision:
If any Member has a deficit Capital Account following the liquidation of his, her or its interest in the LLC then he, she or it shall restore the amount of such deficit balance to the LLC by the end of such taxable year or, if later, within 90 days after the date of such liquidation, for payment to creditors or distribution to Members with positive capital account balances.
On his 2017 individual tax return, Matt took into account the leases, the promissory notes and the mortgage in calculating his amount at-risk, allowing him to report his entire portion of the LLC loss. In November, 2018, the IRS audited Matt’s 2017 tax return and disallowed all of the loss, claiming that Matt was not at-risk for any of the debt.
Matt has now come to you as his accountant to refute the IRS’ position.
Read the research problem above. Prepare an effective and efficient tax research memorandum providing a thorough analysis of the issue, facts, and authoritative rule, statement, or regulation to determine an appropriate conclusion.
The analysis is the substantive portion of your memorandum and is worth the majority of the points on the assignment. It is where you present all of the analysis that is required to support your conclusion. Once you have identified the issue or issues that you have to resolve to answer, you will need to perform tax research to identify tax authorities to establish the controlling “rule” that resolves those issues. Your analysis for each of these issues should review these authorities and then apply them to the facts of the case to draw conclusions.
Apply the IRAC method or format for research papers.
The memo should be 2-3 pages, double-spaced, size 12 font.
Papers are written from scratch We have molded our writers to develop content for all assignments from scratch. This way, we promote originality and reduce cases of plagiarism that might affect your grades and hinder you from realizing your academic goals. We encourage our clients to indicate the deliverables that should be featured in the final paper. Our online help services allow one to make a clarification and even interact with the writer directly to help them understand the needs of the assignment. Many of our writers are professional tutors who understand the approaches that should be used to fulfill the specified instructions. Every time a client places an order on our system, we link them with the most qualified writer in the subject of interest.
YUnlike other writing companies, we encourage clients to draw back their money at any stage of the writing process if they experience any uncertainties with the quality of generated content. However, you will hardly have to make this decision because of our business approach that suits your needs.
We have an advanced plagiarism-detection system that flags any work that fails to meet the required academic expectations. Our company thrives in honesty, and as such, you will be guaranteed to achieve a paper that meets your expectations.
We encourage our clients to return papers for revision seven days after the last submission for free. Depending on the proposed changes, we will work on your article to achieve the desired expectations.
We uphold confidentiality and privacy through our interactions with clients, an aspect that has enhanced our relationship with prospective customers seeking for assignment help. We do not disclose your information with third-parties
We boast of a diverse pool of ENL and ESL professionals who respond with a personal touch to the needs of every client. Our focus is to become the best platform that offers specialized services to individuals to accomplish their academic goals.