Question
Which of the following factors would indicate to the IRS that an activity is a hobby rather than a business? a.The taxpayer has pursued the
Which of the following factors would indicate to the IRS that an activity is a hobby rather than a business?
a.The taxpayer has pursued the activity for many years and never made a profit.
b.The taxpayer has the knowledge to conduct the activity as a business.
c.The taxpayer depends on the activity for a livelihood.
d.The taxpayer invests time and effort with an intent to make a profit.
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
18th edition
538479736, 978-1111534783, 1111534780, 978-0538479738
