Indicate whether the following activities should be classified as business, investment, or personal. a. Kaitlin knits and
Question:
Indicate whether the following activities should be classified as business, investment, or personal.
a. Kaitlin knits and crochets and sells her items at her church.
She does not keep an inventory record and does not charge sales tax.
b. Lydia spends $125 to have her hair cut.
c. Steven purchases land to be used as a parking lot for his business
d. Sharon owns multiple rental apartment buildings and materially participates in the management of the properties
e. Bob spends $100 monthly to pay for access to real time stock quotes
f. Farrah purchases a desk to use in her office for her consulting business
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
Question Posted: