ACC 401 Week 3 DQ 2 Rental Property & Royalties FOR MORE CLASSES VISIT www . acc401assist . com
2 . Discuss the concepts of ordinary , necessary , and reasonable in relation to trade or business expenses .
9 . Discuss the concept of electing ยง 179 expense . Does the election allow a larger expense deduction in the year of asset acquisition ?
15 . Why were the hobby loss rules established ? What factors determine whether an activity is a trade or business or a hobby ? Is any one factor controlling ?
Ch7 .
1 . How are the terms basis , adjusted basis , and fair market value defined as they apply to the calculation of gains and losses ?
2 . What is meant by the terms realized gain ( loss ) and recognized gain ( loss ) as they apply to the sale of assets by a taxpayer ?
8 . What are the different classifications of capital assets ? Define each classification and explain the difference in the preferential tax treatment ( the rate at which the gains are taxed ).
12 . How is a net capital loss treated ? Include in your answer a discussion of how a net capital loss is treated in relation to other income .
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Ch8 .
ACC 401 Week 3 DQ 2 Rental Property & Royalties FOR MORE CLASSES VISIT www . acc401assist . com