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You work for a CPA firm. Part of your responsibility with the firm is the preparation of individual income tax returns.
You work for a CPA firm. Part of your responsibility with the firm is the preparation of individual income tax returns. A new client enters your office and indicates to you that in 20X1, he or she inherited $300,000 from his or her father's estate. The client wants to invest the money in a way that will result in the least amount of gross income in the current and future years. In addition, the client received $75,000 from the settlement of a sexual discrimination case. The client indicates that the settlement was for damages as a result of sexual harassment, and that it did not include back pay or vacation pay. You have a small tax accounting preparation and bookkeeping practice. The client in your initial meeting did not provide you any documentation regarding the inheritance or the settlement.
