1.Please compare and contrast IRC Sections 162 and 212. 2.What records should a taxpayer be...
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Accounting
1.Please compare and contrast IRC Sections 162 and 212.
2.What records should a taxpayer be able to provide the IRS to substantiate a tax deduction?
3.Diane owns and manages a successful clothing store in Dallas. She and her brother, Cameron, investigated the possibility of opening another store in Atlanta for Cameron to manage. Diane and Cameron each paid $1,600 in travel costs while looking for sites for the store. Each paid $300 in legal fees for a lawyer to compile a list of zoning regulations and other relevant city ordinances. They decide that it is not feasible to open a new store at the present time. Can Diane and Cameron deduct their business investigation expenses? Explain.
4.Hobby losses: What factors differentiate a hobby from an active business?
6. Sports: Say, How bout them Bruins?
Please type on your computer, not with your hand-written.Plsanswer all the questions.
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