Peter Smith is retired. However, he still serves as a director of the Northwest Corporation, which pays him a $12,000 yearly director's fee. Mr. Smith knows this income is taxable, but he wants to know whether it is subject to self-employment tax as well. Write a tax research memorandum addressing this question. The basic format for a memorandum is shown on page 2-21. Your responses will be evaluated on the basis of the quality of the research, use of the proper form, organization and grammar, and punctuation and spelling. Use resources such as RIA Checkpoint and CCH for your research.
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