2- Taxation

• Mark Hancock is a self- employed attorney who operates his law practice as an unincorporated sole proprietorship. In 2010, the IRS disallowed several business deductions he took in 2007 and 2008. In addition to paying the deficiency and assessed penalties, he also pays $18,000 in interest on the tax owed. Can he deduct that interest in the current year?
• A partial list of research sources is:
Sec. 162, Sec. 163
Reg. Sec. 1.163-9T
Kikalos v. Comm., 84 AFTR 2d 99-5933

Rubric for Tax Research Problems
Rubric for Tax Research Problems
Criteria Ratings Pts
This criterion is linked to a Learning OutcomeRelevance
The paper’s discussion is relevant to the Research Problem given. The sources discussed in the paper are relevant to the issue. 5 pts
100% 3.75 pts
80% 2.5 pts
50% 1.25 pts
10%
5 pts
This criterion is linked to a Learning OutcomeIdentification
The first paragraph of the paper is the issue from the textbook and/or canvas. This paragraph lists the resources given. 5 pts
100% 3.75 pts
80% 2.5 pts
50% 1.25 pts
10%
5 pts
This criterion is linked to a Learning OutcomeAnalysis
The paper contains a discussion of EACH resource given. The paper relates each source to the issue. The analysis is sufficient to support the paper’s conclusion. 5 pts
100% 3.75 pts
80% 2.5 pts
50% 1.25 pts
10%
5 pts
This criterion is linked to a Learning OutcomeConclusion
The conclusion is written in complete paragraph form. The conclusion answers the question(s) proposed in the identification and provides support for the conclusion. 5 pts
100% 3.75 pts
80% 2.5 pts
50% 1.25 pts
10%
5 pts
This criterion is linked to a Learning OutcomeGrammar
Paper is free from grammatical errors. 5 pts
100% 3.75 pts
50% 3.75 pts
80% 1.25 pts
10%
5 pts
Total Points: 25