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“Deductions and Losses”

  • You have a client that wants to claim a deduction or loss that may be questioned by the Internal Revenue Service (IRS). Explain two (2) specific deductions or losses that would most likely result in an IRS audit. Next, outline at least two (2) strategies to avoid a tax audit for a client who wishes to take the specific deductions or losses. Support your proposal with specific recommendations. Go to https://www.irs.gov/pub/irs-pdf/f1040.pdf and obtain a form 1040 income tax return. Clearly identify the section of the form 1040 that applies to the deduction or loss and why.
  • Under Sec. 267, current deductions may not be taken for certain transactions between related parties. Determine who is considered a member of a taxpayer’s family under the related party transaction rules of Sec. 267. Next, identify two (2) other relationships that are considered related parties for purposes of Sec. 267. Within your response, be sure to explain why these other relationships are included in the definition.

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