ZuoTi.Pro
Question

Which of the following will NOT be recognized by the safe harbor as a rental real...

Which of the following will NOT be recognized by the safe harbor as a rental real estate activity rising to the level of a trade or business?

A. Separate books and records are maintained for each rental activity.

B. Commercial and residential real estate are both part of the same enterprise.

C. 250 hours or more of "rental service" are performed per year with respect to the rental activity.

D. The taxpayer maintains contemporaneous records, including time reports among other items.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer is option B

B. Commercial and residential real estate are both part of the same enterprise

According to 199A, a rental enterprise is referred to an interest in real property that is only owned for renting or leasing. an interest in multiple properties is a part of rental enterprise. Thus,  each property should be treated as a separate enterprise, or all similar properties should be treated as a single by the owner. In this way, Commercial and residential real estate are not part of the same enterprise.

0 0
Add a comment
Know the answer?
Add Answer to:
Which of the following will NOT be recognized by the safe harbor as a rental real...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Which of the following are NOT required for use of the rental real estate safe harbor?...

    Which of the following are NOT required for use of the rental real estate safe harbor? Maintaining separate books and records for each rental activity. Performing at least 250 hours of "rental service" throughout the year. Maintaining contemporaneous records including reports or similar documents. Owning a minimum of 10 rental properties.

  • [32] If an individual taxpayer's suspended passive losses and credits from an activity other than rental...

    [32] If an individual taxpayer's suspended passive losses and credits from an activity other than rental real estate cannot be used in the current year, they may be carried A. Back 2 years, but they cannot be carried forward. B. Forward up to a maximum period of 20 years, but they cannot be carried back. C. Back 2 years or forward up to 20 years, at the taxpayer's election. D. Forward indefinitely or until the property is disposed of in...

  • Which of the following transactions should be classified as investing activities on an entity's statement of cash flows?...

    Which of the following transactions should be classified as investing activities on an entity's statement of cash flows? Increase in accounts receivable. Sale of property, plant and equipment. Payment of cash dividend to the shareholders. Issuance of common stock to the shareholders. On January 1 of the current year, Wren Co. leased a building to Brill under an operating lease for ten years at $50,000 per year, payable the first day of each lease year. Wren paid $15,000 to a...

  • Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...

    Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...

  • LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with...

    LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...

  • Please read the facts of the case and prepare answers for the following questions : 1...

    Please read the facts of the case and prepare answers for the following questions : 1 – What is the relevance of the $2,000 monthly payment to Dave Verden on the analysis of Jones’ financing needs? 2 – What metrics could you use to compare the historical financial results for Jones with the projected financial results under the four defined scenarios? 3 – Other than financing needs, what other issues should Jones address as he considers the different growth scenarios?...

  • 5. Please answer the following questions with respect to PLC Theory (8) a. Which phase of...

    5. Please answer the following questions with respect to PLC Theory (8) a. Which phase of the PLC is the pizza business? What indicators can you list? b. Given the phase of the PLC you indicated at part a: 1. What marketing mix strategies would you expect Dominos to be using? il. What marketing mix strategies is Dominos actually using? Ill. What disconnects, issues or questions arise from parts I and il above? The Strategy Carrying Domino's to New Heights...

  • Super stuck on a couple of questions on this scenario. Advanced Scenario 7: Mark and Barbara...

    Super stuck on a couple of questions on this scenario. Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Mark and Barbara are married and want to file...

  • CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a...

    CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...

  • Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming...

    Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant “E,” slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm laid off 4,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT