A mixed-use activity, _____ 1. Which of the following is a

A mixed-use activity

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Reference no: EM13929403

_____ 1. Which of the following is a mixed-use activity that Congress has written detailed rules in an attempt to curb

abuse?

a. Hobby.

b. Vacation home.

c. Home-office

d. All of the above.

_____ 2. An activity

a. Is considered a hobby if has a business purpose.

b. That is considered a hobby has all of its expenses disallowed

c. Is determined to be a hobby or a profit-motivated activity by examining 9 factors.

d. That is considered a hobby has deductible expenses that are deductions for AGI.

_____ 3. A vacation home that is rented out during the year is considered:

a. Strictly a personal residence

b. Strictly a rental property

c. A vacation home that cannot generate a rental loss.

d. Any of the above depending on the length of the rental period.

Reference no: EM13929403

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