CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
CengageNOWv2, 1 term Printed Access Card for Hoffman/Young/Raabe/Maloney/Nellen's South-Western Federal Taxation 2018: Individual Income Taxes, 41st
41st Edition
ISBN: 9781337389518
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 2, Problem 5RP

(1) Go to taxalmanac.org, and use the website to find § 61(a). What is defined in this Code Section? Is the definition broad or narrow? (2) Go to legalbitstream.com, and find the case in which Mark Spitz, the former Olympic gold medalist, is the petitioner. Answer the following questions about the case:

  1. a. What tax years are at issue in the case?
  2. b. In what year was the case decided?
  3. c. Did the court decide in favor of Mr. Spitz or the IRS?
  4. d. Were any penalties imposed on Mr. Spitz? Why or why not?
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The Basics of Tax Preparation; Author: Roosevelt University;https://www.youtube.com/watch?v=EJpTwf9b82M;License: Standard Youtube License