Expert answer:acc rp13
Solved by verified expert:answer the research paper.. there is an example paper so you can get an idea but its only an example..please use your own words BC the paper will be turned in through Turnitin websiteplease one page only
rp_13.pdf
20171104200316rp_example.pdf
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Research Problem Chapter 13
In September, 2000 Cam and Mitchell adopted Jasmine, a beautiful homeless newborn from Vietnam.
The newlyweds rejoiced at the gift of youthful joy and brilliance that Jasmine brought to their Portland,
Oregon home. That joy was to be short-lived. Jasmine required emergency appendectomy surgery
shortly after arriving in the US.
Jasmine’s appendectomy surgery went badly – the surgeon read the wrong patient chart and amputated
Jasmine’s right leg. The hospital quietly settled the matter for $877,000. That sum was placed in a trust
for Jasmine’s lifetime assistance. The hospital also agreed to provide lifetime medical care for Jasmine
at no charge in exchange for a non-disclosure agreement.
Jasmine grew up and adapted to her special needs well excelling at wheelchair basketball. She earned a
spot on the 2008 Junior Olympic team. Sadly, Cam and Mitchell have not fared well economically and
are generally unsophisticated in the realm of finance. Fortunately, Jasmine’s financial advisor (for her
trust), Sam Shrewd, was quite adept at navigating the provisions of the tax code.
In fall, 2010 when Sam learned that Cam and Mitchell were behind on their mortgage payments (and
were in danger of losing their home to foreclosure) Sam devised a plan. Sam’s plan was to apply to the
guardianship court and obtain permission for Jasmine’s trust to lend money to Cam and Mitchell to buy
the house. The Oregon State Guardianship Court issued an order in October, 2010 allowing Jasmine’s
trust to lend Cam and Mitchell $125,000 to repay the existing home loan and replace the bank loan with
a loan from Jasmine’s trust secured by a mortgage to be held by Jasmine’s trust (which was
administered by Sam).
Sam then arranged to purchase Cam and Mitchell’s home himself for $125,000 on November 8, 2010
and paid the bank loan in full. The deed for the house was from Cam and Mitchell to Sam (as an
individual).
A few weeks later on December 1, 2010 Sam transferred the home to Jasmine (in trust) by issuing a
deed from Sam to Jasmine (in trust).
When preparing the 2010 tax return for Jasmine, Sam claimed the First Time Home Buyer’s tax credit in
the amount of $8,000.
The IRS has examined Jasmine’s tax return and disallowed the tax credit. What result?
…
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