TAX RESEARCH MEMO 2 INSTRUCTIONS

TAX RESEARCH MEMO 2 INSTRUCTIONS

For this assignment, you will be submitting a tax research memo regarding the scenario detailed below. The memo will be due by 11:59 p.m. (ET) on Sunday of Module/Week 2. The purpose of this assignment is for you to research the proper taxation of IRA distributions.

The memo should be submitted in the form of a Microsoft Word document, using only the template provided, and labeled as follows: lastname_memo2.doc. The Relevant Facts, Specific Issues, and Conclusions sections of the memo should be thorough but concise. The key portion of the memo will be the Support section, which should be properly supported by appropriate regulation citations (be specific with section, number, paragraph, and subparagraph as applicable).

Prepare (in good form) a research memorandum to the file.

As this is a memo, and not a formal writing assignment, APA format is not required. Furthermore, there is no need to submit a title page or research page. Just substitute “Your Firm” at the top of the memo with your full name.

SCENARIO: Phyllis maintained an IRA account at the brokerage firm ABC. On February 11 of the current year, she requested a check for the balance of her account. She received the check made out in her name and deposited it the same day in a new IRA account at the brokerage firm XYZ. Phyllis then requested a check on May 8 from XYZ, which was deposited in another new IRA account 35 days later. Is the May 8 distribution taxable to Phyllis?

TAX RESEARCH MEMO TEMPLATE

Your Firm
Your Town and State
Date

Relevant Facts

Specific Issues

Conclusions

Support

Actions to Be Taken

________ Discuss with client. Date discussed ________

________ Prepare a memo or letter to the client

________ Explore other fact situations

________ Other action. Describe:___________________________

_______________________________________________________

Preparer ________ Reviewer ________ Partner ________

 

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