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Randolph and Tammy own a second home. They spent 45 days there and rented it for 88 days at $166 per day during the year.
Randolph and Tammy own a second home. They spent 45 days there and rented it for 88 days at $166 per day during the year. The total costs relating to the home include the following: Required: a. What is the tax treatment of these items relating to second home under Tax Court allocation method? b. What is the tax treatment of these items relating to second home under IRS allocation method? c. Which of the methods is preferred? Complete this question by entering your answers in the tabs below. What is the tax treatment of these items relating to second home under Tax Court allocation method? Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value. Randolph and Tammy own a second home. They spent 45 days there and rented it for 88 days at $166 per day during the year. The total costs relating to the home include the following: Required: a. What is the tax treatment of these items relating to second home under Tax Court allocation method? b. What is the tax treatment of these items relating to second home under IRS allocation method? c. Which of the methods is preferred? Complete this question by entering your answers in the tabs below. What is the tax treatment of these items relating to second home under Tax Court allocation method? Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value
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