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Llana [10]
3 years ago
14

In determining whether an activity should be classified as a hobby, the tax law provides a rebuttable presumption with regard to

the profits or losses of an activity. Which of the following statements describes the profit/loss test which must be satisfied in order to meet the presumption that the activity is not a hobby?
a. The activity shows a profit for 3 of the 7 previous years.
b. The activity shows a loss for 3 of the 7 previous years.
c. The activity shows a loss for 3 of the 5 previous years.
d. The activity shows a profit for 3 of the 5 previous years.
e. None of these choices are correct.
Business
1 answer:
insens350 [35]3 years ago
3 0

Answer:

d. The activity shows a profit for 3 of the 5 previous years.

Explanation:

Rebuttable presumptions are assumption in which all facts are considered true unless someone comes and proves it. The activity classified as a hobby if the test is conducted for profits. The activity should show profits in 3 of the past 5 years to be presumed as a hobby. Therefore the correct answer is d.

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. The use of money contributes to economic efficiency because: A. governmental direction of the production and distribution of o
Murrr4er [49]

Answer:

it promotes specialization by overcoming the problems with barter.

Explanation:

When economies are specialised workers focus on producing what they have competitive advantage in, and all other goods are purchased with the use of money. This increases economic efficiency and improves quality of products.

On the other hand the barter system involves exchange of goods between people. To get what I want I must provide the other person what they want. This promotes diversity of production with one person producing wide range of goods he does not have competitive advantage in.

So money increases economic efficiency.

4 0
3 years ago
is starting her own accounting firm and hires , a freelance web designer who specializes in responsive design to build her busin
sasho [114]

Answer:

No, contracts for personal services are not assignable.

Explanation:

According to a different source, these are the options that come with this question:

Yes, as long as the assignment does not increases the burden on Max.

Yes, Claire can assign her obligations under the contract to anyone who accepts.

No, contracts for personal services are not assignable.

No, the assignment is not valid since Max did not give any consideration.

This is most likely not a good strategy for this woman. The fact that this woman has been hired as a freelance web designer means thta the woman is beig paid for her professional expertise. No one else can perform the job in the way that she can perform it. Therefore, she cannot assign this duty to another person.

8 0
3 years ago
On a Saturday night in mid-October, Dmitry and his friend Misha met up to experience The Haunted Witch Trials, a Halloween attra
Tasya [4]

Answer:

It is vital that every fun related environment like the one discussed in the text have an emergency team that handles such cases.

Below are a few steps that I would take to ensure the safety of my guests:

  • <em>Diligently Mark out Restricted Areas:</em><em> This is the first step towards establishing a safe environment for guests.</em>
  • <em>Ensure the availability of enough Key Staff Members.</em>
  • Designate a staff to properly manage ticketing so as to curtail financial losses
  • <em>A Lightning Alert System must be installed in the case of emergencies. </em>
  • <em>There must be a standby emergency medical unit just in case of  sudden injuries, mechanical/technical error, and other health emergencies that may be life threatening. </em>
  • <em>There has to be a team carefully looking out for the guests.</em>
  • <em>Ensure that restricted areas. signs are clearly shown and also put a staff in those sections to curtail any truant behavior by guests.</em>

<em />

<em>No additional costs should be added. The cost of a ticket should cover for all fun and health privileges. Additional costs may lead to a drastic reduction in customer base. The ticket cost should cover for everything.</em>

8 0
3 years ago
Natasha is listening to dominick talk about his plans to build his kids a tree house. although he has been talking for some time
ipn [44]

The part that has to do with analytical listening is, she has asked questions to clarify what he says.

<h3>What is analytical listening?</h3>

This is the type of listening that is done in such a way that what is being said would be properly analyzed.

This is not just about understanding what is being said. It has to do with division of questions to get to the main points.

Read more on analytical listening here:

brainly.com/question/20841873

#SPJ1

4 0
2 years ago
The price elasticity of demand for beef is about 0.60. Other things equal, this means that a 20 percent increase in the price of
givi [52]

Answer:

Quantity of beef demanded will decrease by 12%

Explanation:

Data provided in the question:

Price elasticity of demand for beef, Ed = 0.60

Increase in the price of beef = 20%

Now,

Price elasticity of demand for beef,

Ed = [ Percentage change in Quantity ] ÷ [ Percentage change in price  ]

or

0.60 = [ Percentage change in Quantity ] ÷ 20%

or

Percentage change in Quantity = 0.60 × 20%

or

Percentage change in Quantity = 12%

Also,

Price and Quantity are inversely proportional

Hence,

With the increase in price, the quantity will decrease

Therefore,

Quantity of beef demanded will decrease by 12%

3 0
3 years ago
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