Jon owns an apartment building in which he is a material participant and a computer consulting business.Of the 2,000 hours he spends on these activities during the year,55% of the time is spent operating the apartment building and 45% of the time is spent in the computer consulting business.
A) The computer consulting business is a passive activity but the apartment building is not.
B) The apartment building is a passive activity but the computer consulting business is not.
C) Both the apartment building and the computer consulting business are passive activities.
D) Neither the apartment building nor the computer consulting business is a passive activity.
E) None of these.
Correct Answer:
Verified
Q61: Judy incurred $58,500 of interest expense this
Q62: Caroyl made a gift to Tim of
Q63: Kate dies owning a passive activity with
Q64: Identify from the list below the type
Q65: Jenny spends 32 hours a week,50 weeks
Q67: Rita earns a salary of $150,000,and invests
Q68: Josie,an unmarried taxpayer,has $155,000 in salary,$10,000 in
Q69: Leigh,who owns a 50% interest in a
Q70: Sandra acquired a passive activity three years
Q71: Jed spends 32 hours a week,50 weeks
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents