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makvit [3.9K]
3 years ago
14

Which of the following are NOT required for use of the rental real estate safe harbor?

Business
1 answer:
Solnce55 [7]3 years ago
6 0

Answer:

d. Owning a minimum of 10 rental properties

Explanation:

The IRS has a safe habour rule for landlords for the purpose of pass-through deductions .

If the regulations are followed the IRS will view the rental activity is for business purpose only.

There are 3 requirements to use safe habor.

- separate records and books must be kept showing expenses and income of each rental enterprise owned.

- at least 250 hours of rental service in a year.

- records of real estate services that have been performed

Owning a minimum of 10 rental properties is not a requirement.

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Candice’s first job was at the grocery store making deli food. While in culinary school, she worked part time in a restaurant ki
jok3333 [9.3K]

Answer:

move up the career ladder

Explanation:

A career is a series of jobs that are related, whose foundation is based on interest, knowledge, training and experience. Moving up the career ladder means that one has continuously been growing in experience by moving from series of related jobs with fewer responsibilities to the one with more responsibilities within a specific profession.

Moving up the the career ladder also involve continuous advancement in education related to one's profession with a view to gaining more knowledge that would be applied to the chosen job hence above is an example of moving up the career ladder.

7 0
2 years ago
On January 1, 2005 Franz Company purchased a truck that cost $22,000. The truck had an expected useful life of 5 years and a $4,
allochka39001 [22]

Answer: The amount of depreciation expense recognized in 2006, using the double declining balance method is $5,280.

And the journal entries required are:

Debit Depreciation expense                     $5,280

Credit Accumulated depreciation             $5,280

Explanation: The double-declining method is otherwise known as reducing balance method. It is usually derived by using the formula below:

Double-declining depreciation = 2 X SLDP X BV

Where SLDP = straight-line depreciation percentage

           BV = Book value of the asset (Cost minus depreciation)

So using the straight-line depreciation method, we need to remove the salvage value from the cost and then divided by 5 years. That is, ($22,000 - $4,000) / 5 years = $3,060 yearly depreciation expense.

However, under the double-declining method, we need to divide the 100% by the useful life of the asset first to get the SLDP then multiply by 2, that is, 100%/5 years = 20% x 2 = 40%.

So 40% x $22,000 in year 1 (December 31, 2005) is $8,800

In year 2 (December 31, 2006), 40% x $13,200 ($22,000 - $8,800) = $5,280 and so on. The depreciation expense would stop immediately it falls below the salvage value of $4,000.

So the book value of the asset at the end of year 2 is $7,920 ($13,200 - $4,000 accumulated depreciation).

5 0
3 years ago
Read 2 more answers
What are the characteristics of open and honest communication?
earnstyle [38]

Answer:

being open and honest builds a sense of self-worth. It is about being moral, truthful to yourself and with others.

Explanation:

4 0
3 years ago
If the Sampson Company, a supplier of wood, understands the needs and requirements for wood for a few firms within a NAICS class
Helen [10]

Answer:

The answer is "Option c".

Explanation:

The customer service must matter arising' needs to fulfill everyone. The Sampson Company, a timber manufacturer, understands the wood specifications or conditions for several firms within the NAICS category. Within this case, the Dunn Company will develop the timber specifications or criteria of all firms underclass.

5 0
2 years ago
Because farm products have a low elasticity of demand a small change in output will have
GaryK [48]
<span>Because farm products have a low elasticity of demand a small change in output will have a similar effect on the price. Since the low elasticity of demand directly relates to </span>pricing, when the smaller change in output happens, a smaller drop in profits does as well. The price of the item will decrease to compensate for less products selling. 
7 0
3 years ago
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