Listed propert Study guides, Class notes & Summaries
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FEDERAL INCOME TAX EXAM #3 QUESTIONS AND VERIFIED ANSWERS 100% CORRECT
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FEDERAL INCOME TAX EXAM #3 QUESTIONS AND VERIFIED ANSWERS 100% CORRECT 
Sole Proprietorship - CORRECT ANSWER--Owners have liability for debts -Assets owned in name of the individual -Unincorporated 
Limitations associated with Sole Prop. - CORRECT ANSWER-Excess Business Loss Limitation and Passive Activity 
Business Income Deduction criteria - CORRECT ANSWER-Deductions must be directly connected to business activity -Ordinary and necessary(conducive to profit generation) -Reasonable in amount(no...
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