RIA RESEARCH EXERCISE Use the RIA Checkpoint research database to answer the following questions….

RIA RESEARCH EXERCISE Use the RIA Checkpoint research
database to answer the following questions. Cut and paste the relevant Internal
Revenue Code and Treasury Regulation section(s) into your solution and explain
how the authority answers the tax issue in question. Give the most specific
citation applicable [e.g., Sec. 168(a)(1)] that answers the question. NOTE: If
the answer can be found in both the code and regulations, you must provide both
authorities.

a. Carol went and lobbied before the federal government
concerning proposed changes to the new pension regulations. She incurred $2,300
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RIA RESEARCH EXERCISE Use the RIA Checkpoint research
database to answer the following questions. Cut and paste the relevant Internal
Revenue Code and Treasury Regulation section(s) into your solution and explain
how the authority answers the tax issue in question. Give the most specific
citation applicable [e.g., Sec. 168(a)(1)] that answers the question. NOTE: If
the answer can be found in both the code and regulations, you must provide both
authorities.

a. Carol went and lobbied before the federal government
concerning proposed changes to the new pension regulations. She incurred $2,300
in expenses. What code section and/or regulation disallows a deduction for
these expenses?

b. Marsha is self-employed and paid $4,000 in
self-employment taxes during the year. What code section and/or regulation lets
her deduct 50% of these taxes as a deduction for adjusted gross income?

c. Hamid dies in an automobile accident. He is covered by a
$500,000 life insurance policy that is payable to his wife, Janet. What code
section and/or regulation excludes the $500,000 from Janet’s gross income?

d. Roy and Deanna are married and have two children, ages 13
and 19. They are aware that they are eligible for a child tax credit, but do
not know if their children qualify them for the credit. What code section
and/or regulation defines a child for purposes of the child tax credit?

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