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Author Question: Tess has started a new part-time business. She is concerned that the IRS will call it a hobby if her ... (Read 53 times)

jake

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on: Sep 13, 2020

Question 1

Brent must substantiate his travel and entertainment expenses. Which of the following is not required for documentation?
◦ company expense report
◦ business relationship to the taxpayer of individuals entertained
◦ purpose of the expenditure
◦ time and place of the travel or entertainment

Question 2

Tess has started a new part-time business.  She is concerned that the IRS will call it a hobby if her return is audited. This first year of business showed a small profit, and she expects it to continue to show modest profits. She would like to take advantage of the three out of five year profit rule to shift the burden of proof to the IRS.  Because of the three-year statute of limitations, this will not be possible for the first year of business.
◦ true
◦ false
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by jake on Sep 13, 2020

djpooyouma

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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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jake

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

Missbam101

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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