Develop a research paper based upon your selected tax scenario (Business Vehicle Deductions

Develop a research paper based upon your selected tax scenario (Business Vehicle Deductions

Develop a research paper based upon your selected tax scenario (Business Vehicle Deductions

Your client, a physician, recently purchased a yacht on which he flies a pennant with a medical emblem on it. He recently informed you that he purchased the yacht and displays the pennant to advertise his occupation and thus attract new patients. He has asked you if he can deduct, as ordinary and necessary business expenses, the costs of maintaining the yacht. In your project, explain the steps you must take to find the answer). Consider the following questions (but not limited to) for inclusion in your research project:

1. What tax regulations support and/or limit deductions taken?2. What questions would you ask the client to substantiate the deductions taken?3. What would result if the tax return you prepared were audited?4. What approach would you use to prioritize the results of the information you find during your research?5. How would this information be useful if you owned a business?Your submission should be at least 4-6 pages in length (not including title and reference pages). Use 12-point, Times New Roman font, double-spaced, with one-inch margins. Use APA style format when citing any sources.