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ACCT/420 ACCT420 ACCT 420 Week 7 Assignment Tax Research Paper 1 Purpose


ACCT 420 Week 7 Assignment Tax Research Paper 1 Purpose This assignment is to assess your ability to: 1. Conduct tax research by establishing the facts relating to a tax question, identify the tax issue, find appropriate tax authority, analyze such authority and derive a tax conclusion. 2. Document and communicate the end product of your tax research in an internal research memo format using appropriate tax research methodology as customarily used in practice and learned in your class. Overview Complete tax research on assigned tax problem utilizing the following tax research methodology, and communicate such in a 2- to 3-page paper addressing fully the relevant sections. Each tax research memo should include the following steps: Step 1: Understand facts Step 2: Identify issues (“Issue”) Step 3: Locate relevant authorities (“Rule”) Step 4: Analyze tax authorities (“Analysis”) Step 5: Develop Conclusion (“Conclusion”) This is sometimes referred to in accounting and legal practice lingo by the acronym, “IRAC.” If this helps you remember the process, great! Just do not forget that in practice the facts are critically important and a critical beginning and reiterative element to the research process. Once the results are completed, you need to communicate your tax research. A sample internal research memo is provided in your textbook at Exhibit 2-9. It includes all five of the above steps, but the ordering and documenting of the steps in the memo that is efficient for review and will be used in our course is as follows: 1) FACTS; 2) ISSUE; 3) AUTHORITIES; 4) CONCLUSION AND 5) ANALYSIS. Action Items 1. Complete the research problem as assigned by your instructor. 2. Structure your memo in the format as provided in your textbook for an internal research memo, which must include the following sections: FACTS: ISSUE: AUTHORITIES: CONCLUSION: ANALYSIS: 3. The memo should be 2 to 3 pages in length, double spaced, 12 font memo with proper tax law citation and references. Please remember that this memo must be in your own words except for properly cited rules or quotes. Please refer to Chapter 2 of your textbook, particularly Exhibit 2-5 for citations to common primary and secondary authorities. The tax citations used are in legal form and are typically called “Blue Book” citations. Please note that you may NOT use your textbook as one of the research sources for your paper. 4. Submit your memo to Turnitin.com and make any necessary changes to the memo as a result of this submission. Note: When you are preparing your tax research memo, use each of the categories listed above as headings in your memo. This organization helps you steer the reader through your thought process in a logical progression. This format also ensure that you have completed the tax research process to formulate a supported conclusion to your taxpayer’s issue. Grading Criteria • Question and Answer Identification – Properly identifies the “Question(s) Presented” and the “Short Answer”: 0 – 5 points • Identification of Correct Tax Authority – Identifies and states accurately the tax authority (Code sections, Regulations, Revenue Rulings, court cases, and other primary authorities) relevant to answering the “Question(s) Presented”: 0 – 8 points • Analysis – Provides an in-depth analysis that interprets the relevant tax authority to establish the rule or rules necessary to answer the “Question(s) Presented” and then applies the rule or rules to the facts of the case to support the “Short Answer”: 0 – 15 points • Presentation – Utilizes proper format and layout: 0 – 5 points • Tax Law citation – Demonstrates proper tax law citation : 0 – 3 points • Grammar/Spelling – Reflects correct grammatical use and spelling: 0 – 4 points • Possible Total: 40 points Criteria Unacceptable Acceptable Very Proficient Student Points


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