Question: Please answer with reason for all why the option is correct and why the other options are incorrect Please answer correct otherwise skip it Which

Please answer with reason for all why the option is correct and why the other options are incorrect Please answer correct otherwise skip it

Which of the following statements is TRUE regarding a trade or business?

A trade or business is an activity carried on primarily to make a profit.

Business income is reported on line 8i of Schedule 1 (Form 1040).

It is not a requirement that the owner have a profit motive or make ongoing efforts to further the interests of the business.

The taxpayer must make a profit in the business within the first three years.

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