Please answer the following question and parts (a-h):

1. What is the presumptive rule of IRC 183 for whether an activity is a hobby? What is the effect of the presumption?
   1. What is the limit on deductibility of executive compensation?
   2. Joe loaned $27,000 to his sister. The loan was a bona-fide loan, supported by proper documentation. The sister did not pay, and Joe wants to take a bad-debt deduction. Can Joe take a bad-debt deduction for this loan? If so, is this a business or non-business bad debt? Why?
   3. What types of losses are deductible by individuals? (Hint: see IRC 165(c))
   4. Betty has a $10,000 casualty loss. Assume the loss occurred in a presidentially-declared disaster area. Betty is able to take itemized deductions. Her AGI is $45,000 and her filing status is single. How much is her casualty loss deduction? (Hint: apply the statutory floor and AGI limit).
   5. What is the current (2021) Excess Business Loss limit for a single taxpayer? For married filing joint?
   6. What is the current taxable income limitation for the utilization of a net operating loss (NOL)?
   7. Janet has business use of her automobile. She elects to take the standard mileage rate. Her business use totaled 1,450 miles. She also incurred $350 in tolls, and $250 in parking tickets. For 2021, how much can she deduct? SHOW WORK!
   8. Bob incurred moving expenses during 2021 related to his new job of $5,000. He moved from Austin, TX to Grand Rapids, MI. He is not a member of the Armed Forces. For 2021, how much is he allowed to deduct?