Question
A corporation can earn various sources of income. List examples of passive sources of income for a corporation. What is the difference between these sources
A corporation can earn various sources of income. List examples of passive sources of income for a corporation. What is the difference between these sources of income and a corporations active business income?
List and briefly describe each of the factors to be considered in determining whether property should be considered capital asset or inventory. Be sure to include an explanation of which of the factor(s) are most important in this determination.
Based on your review of Income Tax Interpretation Bulletin IT-218R, briefly describe one example of when a disposition of real estate would result in business income and one example of when a disposition of real estate would result in a capital gain or capital loss.
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