Free Essay

Beach House

In: Business and Management

Submitted By emorr
Words 372
Pages 2
What would constitute “sufficient evidence” to support J&J’s expected redemption rate of 2 percent?
Beach House Research Memo
5/4/2014
FACTS
Ted and Alice Smith, relatively naïve in the ways of the world and thinking that eBay was a beach community, purchased during 2009 what they believed was a beach house. The house was located on Dry Gulch in Indiana. The Smiths intended to use the house occasionally for family vacations and cover costs associated with the house by renting the house using Dry Gulch real estate agency Bob Carol Associates. The house, purchased sight unseen, turned out to be in need of some repair. Ted and Alice decided to save money by making the repairs themselves. During 2009, according to a log they maintained, the Smiths occupied the house 38 days and rented it 49 days. The log also indicated that on 24 of the 38 days the Smiths occupied the house, one or both of them were engaged in work on the house. On their 2009 income tax return, Ted and Alice filed jointly and treated the Dry Gulch house as rental property and deducted a pro rata share of the property taxes, mortgage interest, utilities, maintenance and repairs, and depreciation in determining their net loss from the home. The IRS has indicated that deductions should be limited to rent income and that some of the costs deducted as repairs were actually capital expenditures. ISSUE Should the Smith’s treat this property as rental property for tax purposes? CONCLUSION No REASONING Code section 280A-D states, For purposes of this section, a taxpayer uses a dwelling unit during the taxable year as a residence if he uses such unit (or portion thereof) for personal purposes for a number of days which exceeds the greater of— 14 days or 10 percent of the number of days during such year for which such unit is rented at a fair rental.” Since Ted and Alice Smith used their beach house for over 14 days and 10 percent of the number of days the house was rented at a fair rental, their beach house is not considered rental property. With that being said, all expenses should be treated as capital expenditures.

Similar Documents

Free Essay

Beach House

...Beach House is Alex Scally and Victoria Legrand All songs written and arranged by Beach House Lyrics by Victoria Legrand All live drums and percussion performed by Graham Hill except Sparks and PPP Live drums on Sparks and PPP performed by Chris Bear The vocal chorus on Days of Candy were voice/choir majors at Pearl River Community College. Thanks to Archie Rawls and LaDona Tyson for organizing this. In no particular order, those singers were Lane Stewart, Lydia Howard, Lindsey Strahan, Mallory Cumberland, Ethan Martin, Jacob Cochran, LaDona Tyson, and Archie Rawls Produced by Beach House and Chris Coady Recorded at Studio in the Country in Bogalusa, Louisiana Engineered by David Tolomei Assistant engineer at SITC: Jay Wesley, all around dude at SITC: Shane Wesley Mixed at Sunset Sound by Chris Coady and Beach House except Beyond Love Assistant engineer at Sunset Sound: Morgan Stratton Beyond Love mixed at Sonic Ranch by Beach House and Manuel Calderon Mastered at Sterling Sound by Greg Calbi Thanks to: Family for love and support, Baltimore, our practice space, Darren Reever, Chris Coady, David Tolomei, Graham Hill, Chris Bear, Studio in the Country, Jay, Shane, the otter, Jutamas, Jason, Mark, Chris Jacobs, Simon, Sunset Sound, Morgan, Sonic Ranch, Manny Calderon, Enter-tena, Tony Rancich, and ninja. Design: Brian Roettinger Photography: Beach House 2015 SUB POP RECORDS. SUB POP IS A REGISTERED TRADEMARK OF SUB POP RECORDS 2013 4TH...

Words: 260 - Pages: 2

Free Essay

Beach House

...Erica Gakstatter Professor Peterson English 112 21 September, 2011 My Dream “To accomplish great things, we must not only act, but also dream; not only plan, but also believe” Anatole France. Growing up I’ve always wanted to live on a beach. Always watching movies and seeing pictures made me want that dream even more. To make this dream come true, I know I have a great deal of work ahead of me. Create a goal to get through school and get a good job, saving up all the money I can, to pay for this place that I want to call my dream home. While making my way through high school I would always tell my parents how I wanted a beautiful home on a beach. They always told me to go get good grades and go to school to get a good job. Through high school I really struggled to get the grades that I knew would get me somewhere. When I realized that I could push myself to do better in school I took advantage of that opportunity. I went out and found tutors and got the help that I needed to raise my grades. As time went on I kept succeeding and I was getting A’s and B’s instead of C’s and D’s. Even if my dream of living on a beach didn’t come true I would still want to look back and know that I did well in school. After getting accepted into college, I’ve never felt so accomplished. Cause I knew that I was actually going somewhere in life. Deciding what I wanted to study was a big obstacle. Following a bunch of different research I decided what I was going to study. I decided to study...

Words: 1007 - Pages: 5

Free Essay

Lovell Beach House

...Maria Isabel Garcia Cordill ARCH 2551-006 Fall 2011 Lovell Beach House Rudolf Michel Schindler was born in Vienna, Austria on September 10, 1887. He studied architecture at the imperial Technical College in Vienna from 1906 to 1911. When he entered to the imperial academy of fine art he joined the studio of Otto Wagner. While he was in school he worked in Mayr and Mayer firm. Later on, he moved to Chicago with a contract in Ottenheim, Ster. He joined the office of Frank Lloyd Wright in February 1918, and later on he was send it to Los Angeles in December 1920 to supervise a construction of Hollyhock House. Schindler was attracted to Los Angeles climate and bountiful landscape. In November 1921, he started his architectural practice in Los Angeles and designs his own studio- residence. From this studio at North Kings Road he worked and design the rest of his career , major building like the Lovell beach house, Wolfe House, Oliver House , Eliot House …etc. at the end of the 1930’ Schindler joined in partnership with Richard Neutra. Schindler was a conjunction of influences, he worked and trained with some of the foremost practiotioners, since the first years of his career when he studied architecture with Wagner, he was directly influenced by Adolph Loos, theories and enthusiasm for America. In this moment Schindler was created the rejection of historical architecture, and getting interest in modern material and methods, simplification of form, and the manipulation...

Words: 421 - Pages: 2

Premium Essay

Beach House Research Memo

...Beach House Research Memo [Name] Beach House Research Memo [Date] FACTS Ted and Alice Smith, relatively naive in the ways of the world and thinking that eBay was a beach community, purchased during 2009 what they believed was a beach house. The house was located on Dry Gulch in Indiana. The Smiths intended to use the house occasionally for family vacations and cover costs associated with the house by renting the house using Dry Gulch real estate agency Bob Carol Associates. The house, purchased sight unseen, turned out to be in need of some repair. Ted and Alice decided to save money by making the repairs themselves. During 2009, according to a log they maintained, the Smiths occupied the house 38 days and rented it 49 days. The log also indicated that on 24 of the 38 days the Smiths occupied the house, one or both of them were engaged in work on the house. Their two teenage children were with them on all these days but did not help with the work. On their 2009 income tax return, Ted and Alice filed jointly and treated the Dry Gulch house as rental property and deducted a pro rata share of the property taxes, mortgage interest, utilities, maintenance and repairs, and depreciation in determining their net loss from the home. The IRS has indicated that deductions should be limited to rent income and that some of the costs deducted as repairs were actually capital expenditures. [As this research assignment cannot exceed one single-spaced page, you may find it...

Words: 379 - Pages: 2

Premium Essay

Beach House Number 7 Analysis

...the mystical nature of “seven” continues to fascinate. Diffusing into the membranal walls of popular music, this fascination is intensified by the equally captivating Baltimore-based dream pop duo Beach House and their seventh studio album titled, you guessed it—“7.” After releasing a compilation album in “b-sides and rarities” just last year—a project which ‘helped clean the creative closet, put the past to bed, and start anew,” Beach House is back with their most progressive and profound collection of songs yet. Flowing with an extraordinary density, 7 invites listeners to swim in its waters of ethereality heightened by Alex Scally’s majestic guitar work and the...

Words: 701 - Pages: 3

Premium Essay

Personal Narrative: Home

...The distinct, salty smell of the Atlantic Ocean smacked me right in the face as I stepped out my father's truck onto the sandy earth. Shortly across the North Carolina border, is a small island called Ocean Isle. Our family was given the opportunity to stay at a three-story beach house for a week, and we took it. I can recall feeling the excitement building inside of me as I looked up at the giant house in front of me. This building is what I'd be calling home for the next week. I was not prepared for the crazy memories I was going to make in that short amount of time. The first day there, we went straight to the beach by taking our golf cart that came with the house. My brother, little sister and I swam for 3 or more hours. Meanwhile, my...

Words: 419 - Pages: 2

Premium Essay

Descriptive Essay On Virginia Beach

...Virginia Beach is one of the most demanded vacation destinations in the US. Due to this, they have a lot of beach hotels that offer cheap and economical prices, especially during the summer season. Nothing is more enjoyable and relaxing than to swim in the beach. You can go on and enjoy your best holiday without spending a great amount of money. Hence, Virginia Beach is one of the most demanded vacation destinations in the US. Due to this, they have a lot of beach hotels that offer cheap and economical prices, especially during the summer season. Once in Virginia, you can look for a hotel that has the cheapest yet comfortable accommodations. Listed below are some of the affordable beach hotels in the United States. Virginia Beach * La Quinta...

Words: 1132 - Pages: 5

Free Essay

Descriptive Paragraph of the Beach Scene in the Yakatan

...spectacular places I’ve ever been. The beach smells fresh, almost like a new tropical breeze air freshener. Next to me is the Caribbean ocean, bright as a cloudless noon sky, washes onto the white sand. Looking at the waves’ white foam; then, I let my senses enjoy the sound as they break on the beach, almost like a shaken-up champagne bottle being opened. The sand is hot and looks like gold blended in with little white crumbs; it sparkles like the diamonds showcased in a high-end jewelry store and feels like walking on ashes from freshly extinguished fire. Despite the heat, walking on the warm, crystal sand pacifies my soul. I set up my folding lounger under the shade of a palm tree and explore my surroundings. The colorful towels spread out all over the beach are covered by bronzed figures. A net is up towards the water, and a few more figures dive to save a falling volleyball. Not far from the shore, you can see the coral sitting still in the wild and shallow water. People are laughing and playing in the burning sand, and others are relaxing on the beach reading their books while enjoying the bright rays of light coming from the sun. In a distance, I see occasional jet skis speeding over the waves, and sometimes, I can see a fish hop out of the water, its body shining in the sun. Not far away, a resort is attractively located right by the water, so all guests can look across the deep navy blue ocean each and every day. Also, houses line the beach on the left, just underneath the palm...

Words: 365 - Pages: 2

Premium Essay

Elements Of A Narrative Essay About The Beach

...Aviana Gonzalez 9/15/17 ELA /Writing The Beach Do you love/ like the beach? I love the beach, so does my grandma. We always go to the beach in Capitola. A couple of years ago we went to the Capitola and it was the best time of my life. Just me, my brother and my grandma went.My grandma bought me a really big shovel and she bought my brother a surfboard. After we got situated and we all went to do something. My brother went to go catch some waves, my grandma was watching the stuff and I was making a playing in the sand. When I was playing in the sand i made a sand castle. After I digde a hole all the way to “chinatown”.After I was done digging, I went to go eat. My grandma brought stuff to eat so we didn’t by anything. Well I was eating me and my grandma were watching my brother try to surf. It was really funny. We were laughing so hard we almost peed our pants. Then my brother came out of the water to eat. And I went back out to play....

Words: 458 - Pages: 2

Premium Essay

Wedding

...Keller Graduate School of Management – HM 590 Simone Davis Ekaterina Chernysheva, Planning a destination wedding in Dominican Republic February 18, 2012 Kate_cherry-87@mail.ru Introduction……………………………………………………………………………………….. Stakeholders………………………………………………………………………………………. Wedding Theme……………………………………………………………………………….. Location Analysis…………………………………………………………………………. Anticipation……………………………………………………………………………… Pre-Arrival………………………………………………………………………………. Arrival…………………………………………………………………………………….. Atmosphere……………………………………………………………………………………. Appetite………………………………………………………………………………………… Activities………………………………………………………………………………………… Amenities……………………………………………………………………………………….. After the Wedding………………………………………………………………………………. Final Report for the Client………………………………………………………………………… Budget and Financials…………………………………………………………………………. References………………………………………………………………………………….. Appendix……………………………………………………………………………………… The task (chapter 1, pg 2. Task 2) A couple wants their wedding on a remote tropical island, and they will be inviting 100 of their family and friends to this three-day celebration. 1.Introduction 2. Stakeholders. The stakeholders of the wedding can be divided into 2 categories. First group a bride and a groom, each of them has his/her own goals, and as a couple together they have common goals. The second group of the stakeholders is parents of both sides. Bride’s goals and expectations for a destination wedding: * To have one of the most memorable...

Words: 1887 - Pages: 8

Free Essay

Refuge

...you just let go of. Believe it or not you’ve been carrying with you all day. We should take thirty second out of our day every chance we get to do this because we need to relax or unwind. This is an example of a refuge in its simplest form. Refuge is known as many different things; retreat, vacation, or break. The list goes on and on. We live such high anxiety lives that we need to take breaks periodically. The real question is how? There’s a place in everyone’s fantasy that they long to visit the mountains, a room in a relative’s house, a tropical island. These places are individual and beautiful. And just like beauty, it’s in the eye of the beholder as to what their refuge is I have many refuges, some real and some imaginary. For example, one of my imaginary refuges is an island in the middle of a large lake. But this is no ordinary lake; it’s located on top of and in the middle of a volcano’s crater. And when I sit on my beach house’s porch, looking out at the sun set, it looks as though the world ends because the water pours off of the rim of the volcano. The reflection of the sun dances on the water while I sit, playing the guitar, and serenading my equally beautiful girlfriend Emily. Off in the faint distance is the town just a hang glide trip away and beyond that lays a whole range of volcanoes with lakes in their...

Words: 1320 - Pages: 6

Premium Essay

Bundled Golf Club Communities: Beach Communities

...Florida, is known for many things, for example, the beautiful beaches that are perfect for an ultimate family fun time, the world class dining and shopping experience that the posh and bustling neighbourhoods offer and enjoyable outdoor activities such as boating, fishing, golfing etc. Add to that the warm and soothing weather that this city has, you would want to stay here forever! In fact, it is true that Naples, Florida, has indeed become one of the most preferred places for owning a house for many, mainly a second home for those who want to spend their winters out here, enjoying their life to the fullest. The fact that you can choose from so many different communities is something that you seldom get to do when looking for a house. Naples has it all; beach communities, boating communities, golf communities, no-frill communities, lots of frill...

Words: 452 - Pages: 2

Premium Essay

Descriptive Essay On London

...Imagine getting away from the monotony of your everyday life. You can lie on the beach sipping a chilled drink miles away from your worries of getting a paper done or helping a customer at work. You can be on top of a mountain overlooking pretty lands that are different from your own yard. Then London is your answer. London is a vibrant, bustling city to visit. The diverse population is over 8.6 million and consists of 13 races and 8 religions. The people here are very friendly and extremely proud of their city. There are 12 inner-London boroughs which each boast different styles appealing to a wide cross-section of tourists. From Shoreditch, the hub of fashion and creativity in the city to the more upmarket Chelsea, there is something for...

Words: 763 - Pages: 4

Free Essay

Mazatlan Outline

...Mazatlan Outline Collene R. Stewart American Intercontinental University I chose for my topic the beautiful city of Mazatlan, Mexico. I visited this lovely little city in April of 2010 when I went on my honeymoon. My experience here with the people, the culture the food, the atmosphere was so delightful that I bought a small piece of this paradise and plan to go back again and again. I. Mazatlan History & Living A. Mazatlan Mexico is known as the “Pearl of the Pacific.” 1. The beautiful beaches and the rich flora and fauna of Mazatlan is what earned the well-deserved nickname. a. Mazatlan has 16 miles of beautiful golden sandy beaches. b. Mazatlan displays native plants that are creative and distinct. 2. Mazatlan’s signature bird is the Humming Bird. a. The Humming Bird lives there all year long. b. It is known for its significant melodious clicking sound. B. Mazatlan’s native livelihood consists of mostly fishing, hunting, and agriculture. 1. Mazatlan is known to be the largest commercial sea port in Mexico. a. This sea port makes for one of the greatest fish traps in the world. b. The large size of the port makes it possible for many cruise ships to travel around the world. 2. The agriculture itself brings about $8,000,000 a year to the country. a. Mazatlan is known for its growth of cereal and sugar cane products...

Words: 708 - Pages: 3

Premium Essay

Going To The Beach In Gulf Shores, Alabama

...Don’t you think most people while they are in the childhood, will see the coast at least once? Well, that wasn’t the case for me until my mom said “Let’s go get swimsuits we’re going to the beach!” For the first time ever I finally got to go the beach in Gulf Shores, Alabama. To celebrate my first time I had scrumptious food, spent time in the water, and did thrilling activities like parasailing. Overall, it was the best vacation i’ve ever had. My family decided it would be fun to go on vacation with our friends. In total there were four different families, us, the Bolens, the Currys, the McDonalds, and Grace and Hannah McLeod, which we brought as guests. My parents allowed my sister and I bring the McLeods because all of the other families...

Words: 654 - Pages: 3