solved This assignment will assess your understanding of judiciary tax authority

This assignment will assess your understanding of judiciary tax authority and the tax research process, and your ability to apply that knowledge to solve problems.You will use CCH IntelliConnect (aka CCH Omnitax or AnswerConnect) exclusively for your tax research for this course (access provided through the Library).Answer the following homework problems thoroughly and in complete sentences. Save your answers in a Microsoft® Word® document and submit them to the Dropbox.Tax professionals face unique ethical challenges in their role as both an advocate for the client and in their responsibility for compliance with the law. Explain this statement and discuss how these challenges can be overcome at both an individual and firm level.Compare and contrast U.S. Tax Court regular decisions and memorandum decisions.Locate and cite a tax case that discusses who is responsible for paying tax on royalty income received by musician Randy Meisner’s (of the Eagles) former spouse.Identify and explain the basic steps in an effective tax research process.John has been a faculty member at a small, private college for 8 years. The college has a policy that tuition is waived for children of faculty that have been employed for more than 4 years. John’s daughter started taking classes at the college last fall. Identify the issues in this case.A client traded 250 ounces of gold bullion for 1,800 ounces of silver bullion. The gold bullion had an adjusted basis of $80,000 and a fair market value of $140,000. The silver bullion had a fair market value of $140,000. Does this qualify as a like-kind exchange under Code Sec. 1031? Identify the source that you based your answer on.