The facts for this assignment are as follow:1-in,2009,Mr. smith purchased a principal residence for $1500000.He made a down payment of $300000 and financed thew remainder by borrowing $1200000 through a loan secured by the residence.in 2009, Mr. smith paid interest that accrued on the indebtedness during that year.he had no other debt secured by the residence.may he deduct the amount of interest which was paid on thew home loan?2The facts for this assignment are as follow:R.E.M., a calendar year corporation and Athens, Georgia, band recently sold tickets ($20,000,000) for concerts scheduled in the United States for next year and the following year. For financial statement purposes, R.E.M. will recognize the income from the tickets when it performs the concerts. For tax purposes, it uses the accrual method and would prefer to defer the income from the ticket sales until it performs the concerts. This is the first time that it has sold tickets one or two years in advance. Michael Stipe has asked your advice.3-The facts for this assignment are as follow:Mary and Bob have been married for 25 years. They are both college professors. Mary (50 years of age) makes $65,000 annually and Bob (60 years of age) makes $75,000 annually. Their oldest daughter is getting married. Bob and Mary would like to either 1) take out a second mortgage on their home (they can get an interest rate of 7 percent) or 2) withdraw funds from their IRAs or 3) sell their rental property. The cost of the wedding is $35,000. The equity in their home is $150,000; they have $80,000 in IRAs between the two of them and the basis of the rental property is $20,000. The rental property can be sold for $120,000. Mary and Bob want to know how they should finance the wedding and if tax implications will be a factor.1. Recognition of the important facts and issues2. Correct conclusion3. Proper citation of relevant sources4. Format, Spelling & Grammar5. Clarity of writing
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