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Author Question: For the years 2012 through 2016 (inclusive) Mary, a best-selling author, has been involved in ... (Read 74 times)

mp14

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on: Sep 13, 2020

Question 1

Erin, Sarah, and Timmy are equal partners in EST Partnership. Sarah also owns 40% of Elton Corporation. The remaining shareholders of Elton Corporation are:  Erin (24%) and Sarah's uncle (36%). What percent ownership does Sarah directly or constructively own in Elton Corporation?
◦ 40%
◦ 64%
◦ 76%
◦ 100%

Question 2

For the years 2012 through 2016 (inclusive) Mary, a best-selling author, has been involved in operating an antique store.  In 2012, 2013 and 2014 her revenue exceeded the expenses from the activity.  In 2015 and 2016, the antique store generated a loss.  Which statement is correct?
◦ The activity is a business. The IRS cannot prove it is a hobby.
◦ The activity is a hobby. Mary cannot prove it is a business.
◦ The activity is presumed to be a business. However, the IRS may prove it is a hobby.
◦ The activity is presumed to be a hobby. However, Mary may prove it is a business.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by mp14 on Sep 13, 2020

zogaridan

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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.
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mp14

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Reply 2 on: Sep 13, 2020
Wow, this really help

ghepp

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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