Emily is an interior decorator who does consulting work for several furniture stores. Additionally, she has been
Question:
Year _________________________ Net Income (Loss)
2008 ............................................ $ 300
2009 ............................................ (900)
2010 ............................................ (400)
2011 ............................................ 600
2012 ............................................ (550)
2013 ............................................ (800)
Emily is audited for the year 2013, and the agent disallows the $800 loss. Can Emily make an election for 2013 to keep the year open in anticipation of meeting the presumptive rule for the year? Why or why not?
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Related Book For
Federal Taxation 2014 Comprehensive
ISBN: 9780133438598
27th Edition
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
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