SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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Create a hypothetical ethics case then describe the guidance that applies to the issue. The simplest was to complete this assignment is to use any ethical dilemma that you may have encountered in professional practice or review the AICPA Code of Conduct or the IRS Circular 230 then inventing an ethical situation based on one of these sources. Also, you can use news stories, any disciplinary actions on state CPA websites. After you describe the situation in a case format, then search and locate the ethics guidance that addresses the issue.
Use this format:
1. What inspired this case idea?
2. Describe the situation in case format
3. Outline the applicable guidance and how it should be applied to this issue
AICPA Code of Professional Conduct. Reread the Module B introduction about ScottLondon, CPA.Required:a. What code violations have occurred in this case?b. What is the range of penalties that the PCAOB could levy against London? By the California State Board of Accountancy?c. What do you think is the appropriate penalty?
Suggest that Yuri use a crypto calculator to gather the data needed to accurately report his transactions.
Report the transactions Yuri is certain about on Form 8949, using the records he provides. Then, attach an electronic filing note (e-
file note) stating that the information provided is incomplete. The IRS will notify Yuri of any discrepancies.
Mark for follow up
Question 13 of 15.
Matty bought four coins on April 15, 2022, for $50 each. He sold them on August 4, 2022, for $35 each. The market continued
to fall, and Matty bought five more of the same coin on September 1, 2022, for $25 each.
Which response explains why Matty may or may not use his loss to reduce his capital gain income for the year?
Wash sale rules disallow the loss, so Matty may not claim it against his capital gain income.
The transaction is considered a like-kind exchange, so it cannot reduce his capital gain income.
The fair market value of the September purchase counteracts the sale loss, so Matty cannot claim…
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