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Grand Canyon University Tax Case Study

Grand Canyon University Tax Case Study

Assume you work for an accounting firm and the tax partner incharge has requested a professional memo regarding a tax issue. The tax partnerdesires you follow the five-step process as outlined in the attached article,”Optimize Your Firm’s Tax Research Methodology: A Practical Guide toPerfecting Your Tax Research Techniques and Achieving Sustainable Tax ReturnFiling Positions,” as provided in the study materials. Your responseshould be at least 500 words, but it should not exceed 3 pages. You mayuse the “Memo Template” resource for this assignment.

Allison is part owner of a law firm, Canyon Law Offices, LLP. Herfirm services sports teams and high-wealth individuals, including professionalathletes. As part of her job, she entertains clients and travels to theirlocation, where she spends money on meals and entertainment. During her travelsshe incurs expenses for meals, hotel, airfare, transportation, and othermiscellaneous items associated with travel. Additionally, she pays for a luxurybox for the local professional basketball team and has season tickets to thelocal professional football team. Allison tells you, her CPA, that she spent$45,000 on meals and entertainment (including the luxury box and seasontickets) during the prior year. She did not keep detailed receipts for eachmeeting or event, but can recall who she was with, the topics discussed, andthe location of each meeting.

Prepare a tax memo for Allison regarding deductibility of mealsand entertainment expenses. To support your conclusion, include at least twoauthoritative sources, such as the Code, Revenue rulings, or Treasuryregulations, and at least one tax case specifically regarding meals andentertainment. Include a discussion of the AICPA’s Statements on Standards for TaxServices with regard to your responsibilities as a tax professional. Includeany other relevant authoritative sources.

While APA style is not required for the body of this assignment,any documentation of sources should be presented using APA formattingguidelines

This assignment uses a rubric. Please review the rubric prior tobeginning the assignment.

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