Frank, a client of your CPA firm, This year, Frank paid $40,000 of interest on a mortgage on his home (Frank borrowed $800,000 to buy the residence in 2015

A.

1. Frank, a client of your CPA firm, This year, Frank paid $40,000 of interest on a mortgage on his home (Frank borrowed $800,000 to buy the residence in 2015; $900,000 original purchase price and value at purchase), $6,000 of interest on a $120,000 home equity loan on his home (loan proceeds were used to buy antique cars), and $10,000 of interest on a mortgage on his vacation home (borrowed $200,000 to purchase the home in 2010; home purchased for $500,000). Frank’s AGI is $220,000. How much interest expense can Frank deduct as an itemized deduction? Your partner, Travis Deeloit, asked you to research this topic and draft your response as an internal research memo.
2. Read the Tax Research Guidelines document.
3. Review the Sample Research Memo and Client Letter.
4. Review the Grading Rubric for the assignment.
5. Write a one-page Research Memo according to the Tax Research Guidelines using the facts provided in step number.

B.

1. Doctor Bones prescribed physical therapy in a pool to treat Duke’s broken back. In response to this advice (and for no other reason), Duke built a swimming pool in his backyard and strictly limited use of the pool to physical therapy. Duke paid $25,000 to build the pool, but he wondered if this amount could be deducted as a medical expense. Determine if a capital expenditure such as the cost of a swimming pool qualifies for the medical expense deduction.
2. Read the Tax Research Guidelines document.
3. Review the Sample Client Letter.
4. Review the Grading Rubric for the assignment.
5. Write a one-page Client Letter according to the Tax Research Guidelines using the facts provided in step number 1. APA format for both

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