In the following independent situations, is the tax position of the taxpayer likely to change? Explain why

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In the following independent situations, is the tax position of the taxpayer likely to change? Explain why or why not.
a. John used to make casual purchases and sales of real estate as an investor. Currently, he does soon a regular basis and has obtained a license as a dealer.
b. Theresa quit her job as a staff accountant and has established her own practice as a CPA.
c. After saving enough for a down payment, Paul has purchased a personal residence?
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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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