Which of the following is/are trade or business expenses?
Solly incurs legal expenses related to real estate he leases to Bucko Burger Hamburger Haven for a parking lot. Solly does little but negotiate the lease every year.
Susan owns several rental apartments. She negotiates new rental contracts, arranges for repairs and maintenance, and handles all leasing activities.
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a. Only statement I is correct. |
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b. Only statement II is correct. |
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c. Both statements are correct. |
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d. Neither statement is correct. |
The following is trade or business expenses:
Susan owns several rental apartments. She negotiates new rental contracts, arranges for repairs and maintenance, and handles all leasing activities.
Hence, only statement II is correct.
Option b is the correct answer.
Which of the following is/are trade or business expenses? Solly incurs legal expenses related to real...
In 1985 Bill Thomas took $6,000 of his savings, borrowed another $4,000 from his best friend, and opened a bike rental business in Vienna, VA. The rental shop is adjacent to the Washington & Old Dominion Trail (W&OD) that goes from Purcellville to Old Town Alexandria (45 miles), connects to the Mt Vernon Trail (18 miles) and ends at George Washington’s Mt Vernon Estate. Bill, bought 10 bikes for his first store. The location has parking, and is near the...
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