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Researching Sale of Home Issues By Howard Godfrey

Conducted research on tax implications of selling property for $1 million. Memo includes facts, issues, conclusions, and legal support. CCH tax service used. Deadline for feedback provided.

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Researching Sale of Home Issues By Howard Godfrey

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  1. Researching Sale of Home Issues By Howard Godfrey

  2. I have conducted my own research for your practice memo and have included pictures of the CCH tax service at each critical step in the research process.

  3. Lets make the facts of the case clear. Taxpayer and spouse have been married to each other for 40 years. Five years ago they bought a lot for $40,000 and a manufactured home for $60,000. They have lived in this home (as their only home) for five years. They have not used the home for business and have not had transactions that change basis, such as additions, casualty losses, etc.

  4. A developer has offered them $1,000,000 for their property, and they want to accept the offer. They are not sure whether the developer will ask them to remove the mobile home to make room for condos.

  5. Taxpayers know nothing about the tax law and have asked you to provide tax advice.

  6. Your memo should be organized as follows. 1. Facts of the case 2. Issues 3. Your conclusions 4. Support in the tax law for your conclusions. Describe what you learned in your research. Include citations for each source.

  7. Your memo should be single spaced, with one inch margins. If you write more than two full pages, you are probably writing too much.

  8. CCH tax service. You will receive passwords.

  9. The next is an example of a document that is worthless to us in this project. It tells which official in the IRS has responsibility for matters involving gain on sale of home. When doing tax research you have to learn to ignore the dead wood.

  10. Hope this helps. I need your practice memo by 2:00 on Sunday if you want me to provide feedback Monday night.

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