Business Casualty Loss, Writing a Client Letter

Facts: Your client, Mr. Brakes Inc., owns and operates an auto-motive repair shop in Cooperstown, New York. Mr. Brakes specializes in replacing and repairing brakes on cars, sport utility vehicles, and pickup trucks. In November of last year, the roof over two-thirds of Mr. Brakes’ building collapsed due to the weight of the snow on the roof. Since then, the portion of the building damaged by the roof collapse has been demolished, an addition was built onto the undamaged (one-third) portion of the building, and Mr. Brakes reopened for business on September 1st of this year. The fair market value of the building (immediately before the roof collapse) was $1,800,000, and Mr. Brakes’ adjusted federal tax basis in the building was $300,000. The fair market value of the building immediately after the roof collapse was $600,000. Mr. Brakes received $1,200,000 of insurance proceeds due to the destruction of two-thirds of the building. Mr. Brakes spent $1,500,000 in demolition and construction costs (including $300,000 of its own funds and the $1,200,000 of insurance proceeds). Mr. S. Perry Tyre, the president of Mr. Brakes Inc., would like to know the federal income tax consequences of this matter.

Required: First Step: Identify the relevant Code Sections and regulations and find a court decision that is relevant to Mr. Brakes’ situation. Be sure to check the citator to make sure that the case is current and that subsequent authority has not affected the precedential value of the decision.Second Step: Based on your findings in the First Step, write a brief letter to Mr. Tyre advising him of Mr. Brakes’ federal income tax consequences with respect to this matter

The submitted assignment should be two to three pages. The first page will address the first step, which requires you to list the relevant Code sections, regulations, court cases etc. The second step, the client letter, will be on the second page. The actual letter should be no longer than 2 pages.
The letter should still include information about the background, issues, analysis and conclusion. However, in a client letter these would not be formally labeled. These would be typically be individual paragraphs

My Homework Nest
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.