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Please provide detailed answers with citations from CFR and or Fed Regulations as well. Detailed answers are best. even if one question is answered this is ok as well.#1) Business Investigation Expenditures. During January and February of the current year, Big Bang LLC incurs $3,000 in travel, feasibility studies, and legal expenses to investigate the feasibility of opening a new entertainment gallery in one of the new suburban malls in town. Big Bang already owns two other entertainment galleries in other malls in town. a. What is the proper tax treatment of these expenses if Big Bang decides not to open the new gallery?b. What is the proper tax treatment of these expenses if Big Bang decides to open the new gallery?#2) Related Party Transactions. Sally is an attorney who computes her taxable income using the cash method of accounting. Sage Corporation, owned 40% by Sally’s brother, 40% by her cousin, her cousin, and 20% by her grandmother, uses the accrual method of accounting. Sally is a calendar-year taxpayer, whereas Sage Corporation’s fiscal year ends on January 31. During 2012, Sally does some consulting work for Sage Corporation for a fee of $10,000. The work is competed on December 15 and Sage receives Sally’s invoice on that date. For each of the following assumptions, answer the following questions: During which tax year must Sally report the income? During which tax year must Sage report the income? a. The payment to Sally is made on December 27, 2012. b. The payment to Sally is made on January 12, 2013.c. The payment to Sally is made on February 3, 2013.
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