When it rains it pours

Listen to "When It Rains It Pours" now on Luke Combs' deluxe album, 'This One's For You Too': Spotify: http://smarturl.it/LCDLX/spotify?IQid=youtube Apple Music: http://smarturl.it/LCDLX/applemusic?IQid=youtube Amazon Music: http://smarturl.it/LCDLX/az?IQid=youtube iTunes: http://smarturl.it/LCDLX/itunes?IQid=youtube All retailers: http://smarturl.it/LCDLX?IQid=youtube Connect With Luke: Instagram: http://instagram.com/lukecombs Facebook: http://facebook.com/lukecombs Twitter: http://twitter.com/lukecombs Website: http://www.lukecombs.com

1.     What are the tax implications of Luke’s luck?

2.     Would Luke be most likely to record (debit) his first win as an asset or an expense? Explain your reasoning.

3.     If you were an auditor attempting to verify the value of each prize, which ones would be easy? Which would be difficult? Explain your approach to verify each. How would each relate to levels of measuring the fair value of assets (Level 1, 2, 3)?

4.     What’s your level of skepticism towards Luke’s luck? Briefly explain.

5.     What’s your level of skepticism towards his girlfriend’s apology? Briefly explain.