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by: Mina Haley


Marketplace > James Madison University > Accounting > ACTG 625 > TAX RESEARCH AND STRATEGY
Mina Haley
GPA 3.59

Nancy Nichols

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Nancy Nichols
Class Notes
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This 1 page Class Notes was uploaded by Mina Haley on Saturday September 26, 2015. The Class Notes belongs to ACTG 625 at James Madison University taught by Nancy Nichols in Fall. Since its upload, it has received 50 views. For similar materials see /class/214166/actg-625-james-madison-university in Accounting at James Madison University.

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Date Created: 09/26/15
Date October 63911 2011 To File From Mayra Perez Re Molly Hartman Facts Molly Hartman is president of Hartman Financial Advisors Hartman Financial Advisors is a Ccorporation that les an 1120 every year Hartman Financial Advisors has signed a lease agreement for a skybox at Virginia Tech s Lane Stadium The best seats in Lane Stadium cost 75 per game in 2011 The following payments were made from the corporate checking account in 2011 0 50000 payment to the Hokie Athletic Foundation for the right to lease the skybox on January 15 2011 0 15000 lease payment for the skybox ve home games 12 seats in box on July 1 201 1 0 4 500 to Hokie catering for food and beverages on December 12 2011 Molly Hartman took 11 clients to every football game and actually spent 45 minutes presenting the latest s nancial strategies to them before she let them eat and drink Issues How many of the expenses spent on a Skybox will Hartman Financial Advisors be able to deduct in their corporate tax return for 2011 Discussion and Analysis Code Section l70a1 provides that a charitable contribution shall be deductible in the year in which the payment is made Code Section 170b2 states that for corporations the total deductions for any taxable year cannot exceed 10 percent of the taxpayer s taxable income Code Section 170c1 de nes a charitable contribution as a gift or contribution for the use of a foundation The payment to the Hokie Athletic Foundation will be treated as a charitable contribution and will be limited to 10 percent of 75000 which is the taxable income in 2011 The deduction will be 7500 in the taxable year 201 1 Code Section 274a1A provides that a taxpayer can only deduct items generally considered to constitute entertainment amusement or recreation for which it establishes that it relates directly to the active conduct of the taxpayer s trade or business Code Section 274l2 provides that in the case of a skybox leased for more than 1 events in this case ve home games the amount allowable as a deduction shall not exceed the sum of the face value of nonluxury seat tickets of the seats in such box covered by the lease The best seats at Lane Stadium cost 75 per game in 2011 Since the skybox contains 12 seats inthe box and there are ve home games in the season in order to obtain the amount allowed for the deduction we have to multiply 75 times ve home games and then multiply that by the number of seats in the skybox which is 12


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