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Develop a tax research project based upon specific tax service situations and issues. This project will provide you with an opportunity to improve your tax research and presentation skills thus helping to prepare you for effective tax planning and preparation.
Scenario 1: 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.
Provide an annotated bibliography for your selection. The annotated bibliography must identify at least three different resources (not including your course textbook) and be properly formatted using APA guidelines.
An annotated bibliography provides you the opportunity to evaluate those sources you plan to use for your final research project. This bibliography contains the following two components: