Research NO: 7

Latrell recently used his Delta Skymiles to purchase a free round-trip ticket to Milan, Italy (value $1,200).  The frequent flyer miles used to purcha

Latrell recently used his Delta Skymiles to purchase a free round-trip ticket to Milan, Italy (value $1,200).  The frequent flyer miles used to purchase the ticket were generated from Latrell’s business travel as a CPA.  Latrell’s employer paid for his business trips, and he was not taxed on the travel reimbursement.  

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a.  Use an available tax research service to determine how much income, if any, Latrell will have to recognize as a result of purchasing an airline ticket with Skymiles earned from business travel.

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b.  Write a memo communicating the results of your research.

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