Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Allison and Paul are married and have no children. Paul is a lawyer who earns a sal- ary of $80,000. In November 2009, Allison quit her job as a copy editor and began exploring the possibility of breeding and showing horses. She would run the business on their property. Allison expects to travel to nine or ten horse shows during the year. While researching the activity, she came across an article entitled: ''IRS Crack- ing Down on Horse Breeding-Is It Really a Business or Is It a Hobby?'' She is unsure of the tax ramifications discussed in the article and has come to you for advice on whether her activity will be considered a business or a hobby. Allison provides you with the following projections of the 2010 income and expense items for the horse breeding and showing activity:
Revenue:
Sale of horses
$13,500
Prizes
4,200
Expenses:
Hay
7,200
Veterinarian fees
3,100
Utilities
880
Property taxes
470
Registration and papers for horses
2,100
Interest expense on the barn
1,230
Depreciation
6,000
Paul and Allison expect to receive $6,000 in interest and dividend income, they will have an $8,000 net long-term capital gain, and their other itemized deductions will total $16,300 in 2010. Write a letter to Allison explaining the factors the IRS will use to determine whether she is engaged in a trade or business or a hobby. You should also provide her with a calculation of their taxable income and tax liability and explain the difference(s) caused by the classification of the horse breeding and showing activity as a business or as a hobby.
What are possible steps included in project closure and have you been a part of a project that did not end successfully
i need best professional and quality work with no plagiarism and write citation and references in apa 6th edition. all
What are the two types of wholesalers and the benefits that each afford and what connection do they have to the producer, and what advantages do the producers and wholesalers gain using these strategies?
Project Outline/Annotated Bibliography
The body of the paragraphs should have quotation should not be long and preferable in own words.
Identify TWO examples of conflict that could be expected to result fromstaff adopting a strict adherence to only their current perceived primaryroles. One example should evidence negative conflict, while the otherexample should evidence positive c..
What are some techniques to speed up a project? Under what circumstances might they be implemented? Is hiring/adding more staff always a boost to timely project schedule completion?
Evaluate the SV, CV, and CPI for the project and what is your assessment of the project on day 51
sun et al. 2008 p. 43 identified twenty-five top key critical safety risk factors. could you share with us whether any
What was the impact of those success areas on the overall determination of project success?
what controlling measures should be taken during the planning phase. then provide a generic method for creating a
backgroundperformance drinks llc is owned by dave n. port. performance drinks produces a variety of sports centered
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd