Top Posters
Since Sunday
y
2
m
2
m
2
u
2
m
2
B
2
M
2
e
2
k
2
N
2
y
2
m
2
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
Augustus1 Augustus1
wrote...
Go to Answer
Posts: 1894
Rep: 1 0
7 years ago
For the years 2005 through 2009 (inclusive) Max, a surgeon, has been involved in raising poodles. Only in 2006 and 2007 did his income exceed the expenses from the activity. Which statement is correct?
A) The activity is a business. The IRS cannot prove it is a hobby.
B) The activity is a hobby. Max cannot prove it is a business.
C) The activity is presumed to be a business. However the IRS may prove it is a hobby.
D) The activity is presumed to be a hobby. However Max may prove it is a business.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
Read 100 times
2 Replies
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
Replies
Answer verified by a subject expert
Yoko900Yoko900
wrote...
#1
Top Poster
Posts: 1876
Rep: 52 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Augustus1 Author
wrote...
#2
7 years ago
I'm forever indebted to you!

THANKS
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  962 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 954
  
 287
  
 271
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 485
Previous poll results: Do you believe in global warming?