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Author Question: Briefly explain the defenses established by the courts to protect against abuse of evidence from net ... (Read 56 times)

chads108

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on: Jul 6, 2018
Briefly explain the defenses established by the courts to protect against abuse of evidence from net worth, source and application of funds and percentage markup methods of proof.
 
  What will be an ideal response?

Question 2

The quarterly report that shows the tax liability for federal employee withholding, FICA Social Security and Medicare (employee) and FICA Social Security and Medicare (employer).
 a. 941
  b. 940
  c. W-3
  d. 8890


wergv

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Reply #1 on: Jul 6, 2018
Answer to Question 1

 Net worth method: The user must establish a beginning net worth with reasonable certainty, consider all relevant leads, and establish a likely source of funding for the increase in net worth. Moreover, the defense is given wide latitude in presenting evidence of beginning net worth.
 Source and application of funds: The user must establish beginning cash on hand with reasonable certainty, and expenditures cannot be speculative or arbitrary.
 Percentage markup: The use of reliable percentages (ratios) and a supportable base are required. Even so, the IRS cautions against the use of this method, and no judicial precedent has been identified or cited.

Answer to Question 2

A


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