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Gary and Greta Grumpy are a married couple who reside




Question;Below are the facts for;a file memo. A file memo is discussed in your text and should take the format;of - Facts, Issues, Analysis and Conclusion. The analysis should contain the;law, etc. you used to arrive at your conclusion. remember you are writing this;for other tax people, so it should be technical in nature.;Gary and Greta Grumpy are a married couple who;reside in Hinderland, USA. Both of them own a separate C Corporations. The;corporations operate out of the Grumpy?s home and pay rent for office space in;the home. In addition to their C corporations, the Grumpy?s own five rental;properties, which have operated at a loss for the previous five years. Gary and;Greta have been using the losses from these rental properties to offset the;rental income they have been charging their corporations for operating in their;home. On their last three individual tax returns, the Grumpy's have shown;income from the leasing office space to their C Corporations of $40,000;$24,000 and $22,000. The losses from the rental properties have been in excess;of the income from the leased office, thus the couple has a passive loss;carryforward of some amount, however, they did offset the lease income with the;losses from the rental properties. Please give the tax issues and your advise;in a tax memo format for the file.


Paper#59350 | Written in 18-Jul-2015

Price : $19