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Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 344 Weeks Ago, 2 Days Ago |
| Questions Answered: | 19234 |
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MBA (IT), PHD
Kaplan University
Apr-2009 - Mar-2014
Professor
University of Santo Tomas
Aug-2006 - Present
WEEK 2
Homework Assignment 1
Write an approximately 3-page paper. Describe the rules for taxation of each of the following types of income.  Each response should be 1/3 to ½ page.
1. Long Term Capital Gains and Losses
2. Annuity income
3. Amounts received from settlement of lawsuits or from court judgments. Specify the different treatment for (a) compensation for pain and suffering, (b) punitive damage awards, (c) compensation for mental and emotional distress, (d) compensation for lost wages
4. Discharge of Indebtedness Income
5. Scholarships
6. Divorce payments: Alimony vs. Child Support vs. Property Division
Homework Assignment 2
Using a search engine, look up the Tax Court case of Regina M. Lomanno vs. Commissioner, 68 T.C.M. 565 (1994).
1. Read the case. I suggest you print it out.
2. Write an approximately 3-page summary of the case as follows:
    a)  Summary of the facts
    b)  The issue in the case
    c)   Describe the underlying facts of what gave rise to the case
    d)   What did the Court rule? What was the reasoning of the Court?
3. Describe the tax court and how and when a taxpayer g
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