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Harry has an online share trading account. He researches and trades shares using his online subscription, for at least one hour per night after work.
Harry has an online share trading account. He researches and trades shares using his online subscription, for at least one hour per night after work. His starting capital was his life savings of $60,000 and he makes 10 trades per week, deciding when to buy or sell shares by using expensive charting and research software. Meanwhile his fiance, Sally, sold shares that she purchased in 2008 for a profit, to pay for their upcoming wedding. Both taxpayers are residents. Which statement is true? O Both taxpayer's profits are ordinary income. O Harry's profits are exempt income and Sally's profits are ordinary income. Both taxpayer's profits are statutory income. O Harry's profits are ordinary income and Sally's profits are statutory income
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