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tax 730230

In this case you are presented with a fact pattern for a taxpayer with various tax planning needs. Given the tax facts and the financial situation of this individual, you are to answer several questions regarding his tax status and to evaluate how he might apply the various strategies and tactics described in this assignment to improve his tax situation. CASE NARRATIVE Paul Stephowski is a single, 39 year old attorney with a medium sized law firm in Philadelphia. He earned $49,000 this year and anticipates that his earnings will substantially increase within the next few years.

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In this case you are presented with a fact pattern for a taxpayer with various tax planning needs. Given the tax facts and the financial situation of this individual, you are to answer several questions regarding his tax status and to evaluate how he might apply the various strategies and tactics described in this assignment to improve his tax situation. CASE NARRATIVE Paul Stephowski is a single, 39 year old attorney with a medium sized law firm in Philadelphia. He earned $49,000 this year and anticipates that his earnings will substantially increase within the next few years. Paul entered the legal profession later than most attorneys. He spent 5 years in the Navy before entering college at the age of 24. After graduating from college with a degree in English he worked as an editor at Harper House publishers. At the age of 31 he was accepted at William Mitchell School of Law and completed his law study 3 years later. He passed the bar exam immediately after graduation and went to work for a large law firm in his hometown. After 2 years he quit this firm and joined a smaller firm where he felt he had more opportunity for advancement. He has been with this firm for 3 years and plans to make his career there. Paul rents an apartment downtown one block from his office. He enjoys the city lifestyle and especially likes being able to walk to work in 5 minutes any time of the day or year. He finds it very convenient when entertaining clients or potential clients. Paul belongs to the downtown YMCA and to the Main Line Golf and Racquet Club, both of which he uses principally for recreation, although he does occasionally entertain clients or prospective clients at each of the clubs. Paul has accumulated a modest portfolio of assets consisting of $25,200 in municipal bonds, $31,500 in stock, $7,900 in a NOW account and $11,000 in zero coupon bonds maturing in 15 years for $50,000. He saved very little while in the Service and has only recently finished repaying…

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