This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Gabby owns and operates a part-time art gallery, now in its fifth year. She views it as a business ... (Read 97 times)

Anajune7

  • Hero Member
  • *****
  • Posts: 574
on: Sep 13, 2020
Gabby owns and operates a part-time art gallery, now in its fifth year. She views it as a business activity, but she is concerned that the IRS will challenge her classification and consider it a hobby. Her business results, using the cash method of accounting, were net losses in the first and fourth years and small profits in the second and third years. It is now almost year-end and based on projections, the business is showing a small profit of $6,000. Repairs to the security system and to the heating/cooling system were recently completed and these bills total $7,000. When should Gabby pay these bills?
◦ before year-end to get the current year deduction
◦ next year
◦ split into $6,000 this year and $1,000 next year
◦ It does not matter when she pays the bills. The work was performed this year, so the costs will be deducted this year.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Anajune7 on Sep 13, 2020

sarah_brady415

  • Sr. Member
  • ****
  • Posts: 328
Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 64% of students answer this correctly


Anajune7

  • Member
  • Posts: 574
Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

rleezy04

  • Member
  • Posts: 322
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Abduction and Adduction Abduction–Moving a body part away from the middle. Adduction–Moving a body p Abduction and Adduction Abduction–Moving a body part away from the middle. Adduction–Moving a body p
Comminuted Shatters the affected part into a multitude of bony fragments (x-ray of the femur bone) Comminuted Shatters the affected part into a multitude of bony fragments (x-ray of the femur bone)
How to evaluate angles using sine, special triangles, the unit circle (Part 1) How to evaluate angles using sine, special triangles, the unit circle (Part 1)
How to find the area of composite figures (Part 1) How to find the area of composite figures (Part 1)
How to rearrange formulas to isolate for a variable (Part 2) How to rearrange formulas to isolate for a variable (Part 2)
Part of a Semantic Network in Long-Term Memory Part of a Semantic Network in Long-Term Memory
Video: Spermatogenesis Animation

For a complete list of videos, visit our video library