Less personal residence is in uptown New Orleans Every year during Mardi Gras, Les rents his house for 10 days to a large corporation that uses it to entertain clients How does Les treat the rental income Explain ...

If a residence is rented for less than 15 days the property is consider ...

Less personal residence is in uptown New Orleans. Every year during Mardi Gras, Les rents his house

Question:

Les’s personal residence is in uptown New Orleans. Every year during Mardi Gras, Les rents his house for 10 days to a large that uses it to entertain clients. How does Les treat the rental income? Explain.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...