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Jane makes a living renting expensive state of the art surveillance equipment to detectives and nervous spouses. Her average rental period is 27 days. The rental price includes all the technical help the user requires. Her people frequently help set up the equipment and are willing to help the customer in any way. The IRS should classify this activity as "not a rental activity" for the purposes of the passive activity rules.
Nate owns a 8% interest in a rental. He is active with respect to the rental. His only income for 2009 is a $50,000 of salary and a $3,000 loss from the rental. He can deduct all of the rental loss against his salary.
Jerry Jones rented out his home for 12 days last year. For this he received $21,500 of rental income. Jerry can exclude the rental income from gross income.
Registration of a D of A and assent of creditors A D of A will be void unless it is registered with the Registrar within 7 clear days after first execution and is properly stam
Do we recognise revenue if it will be assigned to other party ?
Scottsdale Fine Piano%u2019s purchases pianos from a well-known manufacturer and sells them through their retail store. The Baby Grand Pianos sell, on average, for $2,500 each. The
What are the various strategies behind selected low (e.g., zero) or high coupon rates when issuing bonds?
On December 31, 2014, Santana Company has $7,194,600 of short-term debt in the form of notes payable to Golden State Bank due in 2015. On January 28, 2015, Santana enters into a re
Q. What do you mean by depreciation? What are the causes for depreciation? Explain the two methods of depreciation. Depreciation means a fall in the quality, quantity or value o
How do you report a note in exchange for treasury stock
You will gain welfare from consuming bread and chocolate. Your welfare is described numerically by W = 4B + 2C, where B denotes the quantity of bread you choose to consume, and C d
PROTECTION AGAINST CLAIMS The trustees may protect themselves against claims after discharge in the following ways: 1. As regards liability for rent and other obligations und
Q. What do you understand by Tax Court? Tax Court - U.S. Tax Court is a legislative court functioning to adjudicate controversies between taxpayers and IRS arising out of defic
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