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Which statements regarding farming income is correct

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Problem 1: Which of the following statements regarding farming income is correct?

a) A full-time lawyer recognized a $11,500 loss this year from his part-time farming activities. The maximum deduction allowed this year from the farm loss is $7,000.

b) A full-time lawyer has income from his part-time farming activities. His farming income must be calculated on an accrual basis.

c) A full-time lawyer recognized a $11,500 loss this year from his part-time farming activities. The maximum deduction allowed this year from the farm loss is $2,500.

d) A full-time lawyer has income from his part-time farming activities. His farming income must be calculated on a cash basis.

Reference no: EM132781272

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