SUBJECT: Peaceful Pastures Funeral Home, Inc. (Peaceful)IRS Audit Notice Today I met with Peaceful to discuss the IRS audit notice they received regarding the reporting of income from Peaceful’s prepaid program. FACTS: Peaceful does not report payments received from a preneed contract as income until the year in which the funeral service is provided. Peaceful’s preneed contract allows for a refund of payments at the contract purchaser’s request any time until the goods and services are provided.
ISSUE: Should Peaceful include payments received from the prepaid program as income for the year in which they are received?
CONCLUSION: Based upon the refund clause in the contract and the As democracy and capitalism are spreading around the world, global oil consumption is at record levels. Throughout Latin America, Russia, India and Asia, economic growth is accelerating at a remarkable pace; much faster than anything we have seen in the U.S. Recently, Forbes described the development now exploding across Asia: You can almost smell the money in Shanghai, Bangkok, Kuala Lumpau or just about any East Asian commercial center outside Japan these days. Traffic snarled, construction booming, glitzy shopping malls showing the latest Hollywood movies… These formerly traditional societies, stagnant for centuries, are exploding into the modern capitalist world and spawning vast new middle classes with a taste for consumer goods and the means to indulge that taste. Healthy economics generate great wealth, and Asia is churning out billionaires as though on a conveyor belt.” —Forbes.(Faulkner) In these countries, more than two billion people, or more than 40% of the world’s population, are suddenly entering the age of consumerism. Thanks to American movies, TVs and VCRs, they have seen what the rest of the world has and they want it all. “They want McDonald’s french fries. They want Coke. They want Levi jeans. They want Caterpillar tractors. They want cars, cameras, mouthwash, homes, toothpaste, Tide, aspirin and ten thousand other products we take for granted. “In vast regions of these countries, they’re starting from the raw basics of modern life. They
-versus - PETER PASCUAL Defendant-Appellant, x-----------------------------------x MEMORANDUM Defendant-appellant, Peter Pascual, through counsel, in compliance with the Honorable Court’s order,respectfully submits this Memorandum Prefatory Statement Plaintiff-appellee RAUL GERONIMO and ANNA GERONIMO in the instant case claims, with the lower Court’s sanction, that there should be an annulment of…
Tax file memorandum Subject: Profit or Loss from business I. Facts: In early 2010, Walter Hodges became interested in the real estate market so he initiated his investigation into the real estate market. Mr. Hodges intended to acquire real estate with the intentions for investment or rental. Mr. Hodge has no previous knowledge or exposure to any real estate rental or investment industry. As a result, Mr. Hodges began in Spring 2010 to advertise and expose his business through…
Assignment: Memorandum Evaluation ENG221 5 March 2015 After reviewing the memorandum, sent by Mr. McCauley, I was baffled. The acronym, “HR”, in the memorandum heading, was not clarified. After reading the second paragraph, it was assumed that it meant “Human Resources”. The acronym, “COO”, was also not explained, for I could only assume that it meant “Chief Operations Officer”, and was not referring to Mr. McCauley’s state of sanity. In the message body, though the memorandum is responding…
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Tax File Memorandum To: Peaceful Pastures Funeral Home From: Whomever Date: 2/17/2013 Re: Peaceful Pastures Tax Payer Engagement Confidential I SPOKE WITH PEACEFUL TAX PAYER ABOUT THE AUDIT NOTICE THE IRS HAD SENT. IT CONTENDS THAT THE AMOUNT PREPAID UNDER PEACEFUL’S PROGRAM CONSTITUTES PREPAID INCOME THAT MUST BE INCLUDED IN PEACEFUL’S INCOME (AND THEREFORE SUBJECT TO TAX) IN THE YEAR IN WHICH IT IS RECEIVED. THE TAX PAYER WANTED TO KNOW IF THE IRS FINDINGS…
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MEMORANDUM To: Sean M. Anderson DATE: November 22, 2013 Re: Cora Crowley, File No. 13-1003981 Questions Presented Under the New York Law regarding negligent infliction of emotional distress, 1. Does Cora Crowley (“Crowley”) show that she was threatened with a physical injury when she witnessed her stepdaughter, from fifteen to twenty yards away, get shot twice, once in the head and once in the chest, by Sarah O’Brien (“O’Brien”) as O’Brien negligently shot five shots in Sybil’s…
AEB4325 The Other Country The Race to Provide by 2050 Executive Summary By 2050 the world’s population will reach 9.1 billion people. That is in increase of more than thirty percent compared to today’s population. Nearly all of this population growth will occur in developing countries. Urbanization will continue to grow at an accelerated pace, leading to a higher urbanized land percentage. In order to feed this larger population, food production must increase by seventy percent…
Fact: Peaceful Pastures Funeral Home, inc. (Peaceful). Peaceful, an accrual basis taxpayer provides a full line of funeral service and sells goods related to those services. Peaceful has attempted to design an approach that allows customers to prepay for their funeral goods and services. Issue: IRS sent Peaceful an audit notice. It contends that the amount prepaid under Peaceful’s program constitutes prepaid income that must be included in Peaceful’s income (and therefore subject to tax) in the…
