Suzzanne Gross Tax Memo Essay

855 words - 4 pages

Tax Memo Suzzanne Gross

Summary of Facts

Suzzanne Gross was former Chief Operations Officer of a mid-sized engineering firm called Anebako. She was also an investor in several projects that the firm undertook. Suzzanne supervised up to twelve engineers at the firm. A co-worker accused Suzzanne of sexual harassment. The company interviewed the initial accuser and decided to investigate the matter further. All of Suzzanne’s reporting engineers were then interviewed. Suzzanne eventually resigned, hired an attorney, and accused the company of age discrimination and defamation. In the State of Minnesota both suits are considered State civil claims. No court case was filed after a ...view middle of the document...

IRC 61 defines what is included and considered gross income and includes Compensation for services, including fees commissions, fringe benefits, and similar items, Gross income derived from business, gains derived from dealings in property, interest, rents, Royalties, Dividends, Alimony and separate maintenance payments, annuities, income from life insurance and endowment contracts, pensions, income from discharge of indebtedness, distributive share of partnership gross income, income in respect of a decedent, and income from and interest in an estate or trust. Of the total settlement, $120,000 has been agreed to be taxed. It appears this $120,000 includes lost wages from the employer and is subject to taxation. The lump sum payments were for alleged personal injuries and are therefore not considered gross income and Gross is not required to report it as income on her Federal Tax Return. The Agreement states “No part of the payments to be made to Gross under subparagraphs 3(b) or 5(a) [the liquidation payment] is allocable to punitive damages, compensation for other claimed damages, or interest thereon.” Therefore, neither the lump sum payment nor the liquidation payment can be considered punitive damages (punitive damages are taxable). The liquidation payment of $500,000 can be considered a capital gain or loss depending on the initial basis of the asset. It can be classified as short-term or long-term depending on how long Gross has owned the asset. Per the IRS, typically long term capital gains are taxed at lower rates than short-term. (IRS Topic 409).

Legal Precedencece

In case F....

Other Papers Like Suzzanne Gross Tax Memo

Finance Essay

665 words - 3 pages Financial statements are the most common tool used for making business decisions. They consist of the balance sheet, income statement and statement of cash flows. The analysis tools used affect all aspects of a company not just a few. A systematic review of the resources a company used to achieve its mission is cost control. Cash flow should be kept at necessary levels for operations is one of the major benefits of cost control. It is a very

Analysis Of Operation Blue Star And Its Effects On The Gandhi Dynasty

934 words - 4 pages The period of time including and following Operation Blue star is considered a dark time in India and black spot in Indian history. It is a time Indian would rather forget, yet still to this day debate about. Was Indihar Gandhi correct in instating operation Blue Star, inflicting damage to the Golden temple, and being responsible for the killing of anywhere from 492 (official reports) to 1500 (estimates run as high as) civilians, which lead to an

Regretful Decisions

930 words - 4 pages Regretful Decisions There are many individuals in a child’s life that helps mold them into a well-rounded adult. In most cases, this guidance comes from the child’s parents or other older, but in Sonny’s case, this guidance was expected from his older brother. In the short narrative, Sonny’s Blues, Sonny’s life was adversely affected by the decisions that his older brother made. The decisions that his brother made include leaving Sonny to stay

Jail Responsibilities

589 words - 3 pages discriminate because of gender. Neutral terms should be used to manifest, fairness and equality between sexes. Examples are; “If a woman drives” to “if a person drives”, “man-made” to “artificial” and “manpower” to “human power”. A memorandum is a note, or reminder that one wishes to preserve for future use. Its various tense forms may be done by shortening memorandum to memo. Memorandum is definitely singular while its plural form is memoranda. The


638 words - 3 pages Starbucks Nefertiti Wright Sangita Patel October 15, 2012 STARBUCKS 2 STARBUCKS - 1 - [no notes on this page]I. Job description a. Baristas II. Job specifications a. Duties III. Form of departmentalization STARBUCKS 3 Starbucks Starbucks have been named in the 100 best companies to work for. Starbucks has many job opportunities for people, which require the right job specifications. The employees create uplifting experience

Fight Club

917 words - 4 pages Fight Club is a story of the narrator’s struggle to gain control over his life. He is in search for an identity in the form of manhood. His masculinity is so repressed because of the absence of a father figure in his life. Because of this he creates Tyler, his alternate personality. Tyler is nothing like anyone the narrator has met, he is self assured and completely free. The narrators alternate personality Tyler Durden is the ultimate alpha-male

The Powers Of The Health And Safety Representative

254 words - 2 pages The Powers of the Health and Safety Representative A health and safety representative has the power to: Identify Workplace Hazards The health and safety representative has the power to identify workplace hazards. This power is usually exercised by conducting workplace inspections. Obtain Information from the Employer The health and safety representative is entitled to the same information available to a joint committee member. Under the Act

Lesson Plan

6476 words - 26 pages QWERTYUIOP by Vivien Alcock Table of Contents Introduction About Short Stories The Writer Synopsis Elements Activities Beyond The Text Assessment Answer Key Glossary Panel of Writers [pic] SHORT STORY Welcome to the World of Literature and to Short Stories! We hope you will enjoy working with this guidebook, which has been specially designed to help you prepare your students enjoy the Literature


1227 words - 5 pages Coca-Cola Global Business and Marketing Strategy Introduction As domestic markets mature, it is becoming more and more fashionable for organisations to seek growth through opportunities in foreign countries. Faster communication, new technologies and improved transport links are making international markets more accessible and businesses pursuing a global position can experience an upsurge in brand awareness and cost effectiveness. Global

Facing Poverty With A Rich Girl's Habit

783 words - 4 pages Facing poverty with a rich girl’s habit Adele Strader Professor Chryst English Composition October 22, 2012 Facing poverty with a rich girl’s habit was written by Suki Kim and published in the New York Times on November 21, 2004. The most important point that Suki want to make was that (1) what we have in life can be taken away in an instant (2) do not go bankrupt in South Korea (3) that a person must adapt and endure

3-4-50 Paper

572 words - 3 pages -4-50 paperLack of exercise is a key contributor to disease and death among many people in the United States, regardless of age. It is a well-known fact that exercise results in a healthier lifestyle. Along with tobacco use and poor nutrition, lack of exercise is one of the main issues that people have which leads to high blood pressure, obesity, and other serious health problems. According to a study by UCSD School of Medicine and SDSU

Related Essays

Audit Analysis

1159 words - 5 pages The Lakeside Company: Case Studies in Auditing Summary of Introductory Case and Case 1 I. Introductory Case: A look inside a CPA firm A. Abernethy and Chapman 1. Began operations in 1969 2. 145 employees 3. Main office in Richmond, Virginia with 3 branches elsewhere in Virginia. 4. In Richmond: 10 partners, 14 managers, 21 seniors, and 42 staff auditors. 5. Tax = 11; advisory services 7; remainder usually focus on accounting and auditing

Evaluation Of Internal Control Environment Essay

8902 words - 36 pages 2012, mainly provides auditing and tax services. But it has recently had success in building the information-systems-consulting side of the business. Recently, your group has been assigned for the first time to perform audit engagement procedures for a small and medium-sized company in Malaysia. One of team member has been a senior auditor for the past three years. Your first assignment is to assist an audit partner on a client acceptance

Requirements Essay

3959 words - 16 pages √ Gross Profit Shaping and Receiving √ Advance Shipping √ Pick, Pack and Ship √ Shipping Level Integration √ Advanced Receiving Billing √ Bill Costs To Customer Payment Processing √ Credit Card Payment Items and Inventory Items √ Bar Coding and Item Label Inventory √ Inventory √ Serialized Inventory Note: Some feature may not present, so just move to the next feature. Tab not shown should be set to the default value. Rename Records

Lafarge S.A Essay

2924 words - 12 pages NAME: IHEKANANDU KINGSLEY N. COURSE: MGMT 292 / F12 N01 TITLE: INDIVIDUAL CASE STUDY (LAFARGE S.A.) SUBMITTED: October 5, 2012 TABLE OF CONTENTS 2. INTRODUCTION 3 3. DESCRIPTION OF CASE 4 4. VALUES 4 4.1. Types of values 4 5. TEAMWORK 7 6. MOTIVATION 8 7. CREATIVITY 9 7.1. Components of creativity 9 8. CONCLUSION 12 9. BIBLIOGRAPHY 13 INTRODUCTION This report aims to provide an in-depth analysis of initiatives pursued by Lafarge as