Clinical Case Report on John Smith Day 1 John Smith a 62-year-old male doesn’t exercise, weight gain increased significantly after retirement. Has been a smoker for a long time. Height is 175 cm and weight is 160 kg. Blood pressure (BP) 150/90, and body temperature 37.6oC. 1. “Reducing Risk in Heart Disease” (2012) indicate John has dyslipidaemia as low-density lipoprotein (LDL) levels of 5.6 mmol/L are above recommendation of 1.0 mmol/L and an increase of triglycerides (5.7) which should be <2
1 (A) The question is how should a $300,000 fee collected by John Smith after two years of work on a personal injury case with a $2,000,000 jury verdict in his clients favor, be reported for tax purposes. Under Internal Revenue Code (IRC) 61, section (a) subsection (1) gross income is defined as “Compensation for services, including fees, commissions, fringe benefits, and similar items.” This section of the tax code is very comprehensive (with 15 descriptive subsections) to almost all forms
Issue of Engagement ring and whether John can get it back. Legal Memorandum: Facts: In Massachusetts law, John Smith and Patty Jones were engaged. John Smith proposed to Patty Jones on February 14th, 2014. Upon proposal, John presented Patty with a 2-carat diamond engagement ring. Three months ago from now, John Smith caught Patty Jones having an affair with Brian Wilkinson. Brian Wilkinson is a best friend with John Smith. John called off the engagement. John demanded that Patty return the engagement
John Smith I worked on this case for over two years. The jury awarded my client $2,000,000 in damages, of which my fee was $300,000 plus recovery of expenses paid up front in the amount of $25,000. How is the $300,000 taxed? What about the $25,000? What can I do to minimize the tax consequences of each? Also, I am thinking about buying the building that I currently lease my office space in. My current lease is $3,500 per month. How is this lease reported on my income tax returns (either personally
Your Decide Assignment Week 4 ACC 553 1. John Smith tax issues: a. How is the $300,000 treated for purposes of federal tax income? In order to determining how the $300,000 fee was received as Federal income on the part Mrs. John Smith, we first have to determine the requirements for income. According to Code Sec. 61(a)(1) of the Internal Revenue Code (IRC) “gross income includes all income from whatever source derived,” that is including the following items: compensation for services
John Smith tax issue: 1a). How is the $300,000 treated for purposes of federal income tax? The $300,000 that John Smith received would be treated as income. According to the IRS, income is classified as “earned income includes all the taxable income and wages you get from working,” such as: • wages, salaries, tips, and other taxable employee pay; • union strike benefits; • long-term disability benefits received prior to minimum retirement age; • net earnings from self-employment, such as own
The Role Class and Wealth Played in the Trial and Execution of James Pratt and John Smith On September 21, 1835 two men, James (also known as John) Pratt and James Smith faced trial for buggery. This act was illegal and punishable by death under section 15 of the Offences against the Person Act 1828, which had replaced the 1533 Buggery Act. James Pratt and John Smith were refused “royal mercy” for their crime and were the last men executed for sodomy in England . These two men may have been spared
Memo To: John & Jane Smith From: Date: Re: Memo summarizing various tax issues 1. John Smith 's tax issues: Issue a) How is the $300,000 treated for purposes of federal tax income? John Smith’s earned income of $300,000 will reported as gross income either on Schedule c of the individual return or as gross income on the LLC return. As a result of the variance in the state laws as to whether or not a single person LLC can report on a business return is the reasons why it could be
professionals, entrepreneurs, and small business owners. John Smith, Esq., a practicing attorney with offices near yours, walks in your office and wants advice from you relating to a recent influx of cash he received as a result of winning a large jury verdict on behalf of his client in a personal injury case. His wife Jane Smith accompanies him during your meeting because she has some additional tax planning advice to ask of you. Role After reviewing John and Jane Smith’s points of view, it will be your
John Smith’s journal entry, “From the Journal of John Smith”, manifests a perfect example of the sixteenth and seventeenth century containing several travels made by the Europeans. The increase of exploration around the world, helped the continent as a whole gain money and power. Power within the continent soon transformed into greed and arrogance; which was shown in the entry. The lack of food on the ship and the attitude of the Europeans, when interacting with the Native Americans, are examples