Question

1 - Generally, for an activity to be as a trade or business, which of the following is requiere:

a. no more than intermittent efort toward the acitvity.

b. always generate a profit.

c. Regular and continual effort designed to seek profit.

d. organization as a corporation or partnership

2- most states are community property states

1. true.

2. false

Answer 1

1

The answer is C REGULAR AND CONTINUAL EFFORT DESIGNED TO SEEK PROFIT

Because

* Activity is one of the core objectives of the business

*Profit generation is the main objective of business rather there must be other areas to be considered

*Efforts to seek profit is the primary objective of the Business , attaning is another level

*A business can be individual , LLP other than partnership or organisation

2.

2- most states are community property states

False

Out of the 50 States only 9 are community property states .Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin where as Alaska is an opt-in community property state that gives both parties the option to make their property community property.