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(Solved) ACC 432-01 CHAP 12 HOMEWORK ASSIGNMENT Complete the attached Memorandum based on your research and taking into consideration the facts as described


ACC 432-01

CHAP 12 HOMEWORK ASSIGNMENT

  1. Complete the attached Memorandum based on your research and taking into consideration the facts as described in the Memo.  Your Memo should contain a brief but comprehensive answer as to whether any renovation expenditures incurred by Mike Brady may qualify for the tax credit for rehabilitation expenditures.  Your homework should be typed, in Word, and no more than 2 pages long. 


Partial list of research aids:

IRC §§47, 48 and corresponding regulations

Nalle v. Comm’r, 99T.C. 187, reversed by 997 F.2d 1134 (5th Cir. 1993)

MEMORANDUM


To:  John Smith, Partner

From:  [Your Name]

Subject:  Mike Brady – Tax Credit for Rehabilitation Expenditures

Facts:

Mike Brady, an admirer of early twentieth-century architecture, discovers a 1920s-era house in the countryside outside Eugene, Oregon. He wants not only to purchase and renovate this house, but also to move the structure into Woodland Hills, CA, so that his community can enjoy its architectural features.


Mike intends to purchase the house, have renovations begin in Eugene (sufficient to allow the house to be moved) and then relocate the house to Woodland Hills.  Once the house arrives in Woodland Hills, further renovations will be necessary.  

Issue and Short Answer:

Will Mr. Brady’s rehabilitation expenses still qualify for the tax credit for Rehabilitation Expenditures if Mr. Brady moves the house from its original location and then subsequently incurs rehabilitation expenses? 

[Provide short answer]


Analysis:

[Provide analysis]

 


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