Which one of the following family members is not related for purposes of nondeductible losses on sales to related parties?
A)Sister
B)Spouse
C)Uncle
D)Grandchild

Question

Quizplus · Accepted Answer

For purposes of nondeductible losses on sales to related parties, the IRS defines related parties as including spouses, children, grandchildren, parents, siblings, and certain corporations and partnerships where there is a 50% or greater ownership interest. Therefore, choices A, B, and D are all related parties, but choice C (uncle) is not included in the list of related parties.

Which One of the Following Family Members Is Not Related