Juanita rents a vacation condo for 120 days and uses the condo for herself for twenty days.
Question:
Juanita rents a vacation condo for 120 days and uses the condo for herself for twenty days. What allocation percentage will Juanita apply to the condo’s operating expenses (for example, insurance, utilities, etc.) to compute the rental portion under the IRS allocation method?
a. 32.8 percent (120/365)
b. 5.4 percent (20/365)
c. 85.7 percent (120/140)
d. 38.4 percent (140/365)
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Related Book For
Income Tax Fundamentals 2023
ISBN: 9780357719527
41st Edition
Authors: Gerald E. Whittenburg, Steven Gill
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