Write a response to the following statement: Determining when a business has commenced is a question of fact and degree.

When a taxpayer is engaged in only preparatory activities, a business will not have commenced. Explain how the courts have distinguished between activities that are preparation for business as compared to actual business, with reference to relevant case law.

Answer rating: 100% (QA)

Determining the commencement of a business indeed hinges on factual circumstances and a degree of judgment The distinction between preparatory activit... View the full answer