Any Accountant Or Tax Expert Here Want To Help Me Out? Really Need It?

Issue #2
In addition to his more famous political and acting career, Fred is also an insurance agent who receives a commission on each policy he sells. During 2010, he purchased a policy on his own life, naming his wife, Sarah as the beneficiary. He did not report the commission on the policy as gross income because he considered the commission a reduction in his cost (like a discount) for the life insurance. The Thompson’s 2010 joint return is being audited and the agent is challenging the exclusion. Is the agent correct, or is the position taken by our client correct? Provide citations to all relevant authority. I’ll need that for my meeting with the auditor

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