Question

The enactment of the restrictive rules related to home office deductions caused may commentators to conclude...

The enactment of the restrictive rules related to home office deductions caused may commentators to conclude that the home office deduction had been essentially eliminated. Which particular requirement(s) of section 280A prompted such a conclusion?

Homework Answers

Answer #1

Because of the following requirement since they have no fixed place to comduct their activities

SECTION 280A ALLOW TAXPAYERSTO reduce home office expenses only a specified part of the home is used exclusively and on a regular basis as the taxpayers principal place of business.

there is no other fixed location where the taxpayer conducts a substantive portion of these activities.

Commentators have no fixed place to conduct their activities as they go to different places to provide their services/ conduct activities

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
One area of concern for the accounting profession for the past 20 years has been the...
One area of concern for the accounting profession for the past 20 years has been the proliferation of alternative practice structures. Potential problems exist because the audit side of the business may be influenced by the public entity that controls it. One such situation involves K&B, CPA Associates, and Cryden Business and Tax Services. Billy Kamen, CPA, has been a partner of K&B for more than 30 years. He thought he had seen it all in the accounting profession. The...
During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange...
During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange for stock, Marlene and Nancy contributed appreciated property, while Olive contributed services. The exchanges of Marlene and Nancy will be nontaxable if: Olive receives 30% of the stock Olive receives 80% of the stock Olive receives 15% of the stock Marlene and Nancy together receive 50% of the stock In June of 2018, Alice acquired her only machine for $30,000 to use in her...
It is now late May 2018 and you, CPA, have just finished meeting with your partner,...
It is now late May 2018 and you, CPA, have just finished meeting with your partner, Ms. Wong. Ms. Wong wants your help with some clients of hers. One client, Garden Supplies Co. (GSC) has had a new shareholder buy shares. Ms. Wong wants you to tell her if GSC is a resident of Canada for tax purposes in 2018 and describe the personal tax consequences that Mrs. Gardiner will have from her 2018 share sale. You can ignore the...
It is now late May 2018 and you, CPA, have just finished meeting with your partner,...
It is now late May 2018 and you, CPA, have just finished meeting with your partner, Ms. Wong. Ms. Wong wants your help with some clients of hers. One client, Garden Supplies Co. (GSC) has had a new shareholder buy shares. Ms. Wong wants you to tell her if GSC is a resident of Canada for tax purposes in 2018 and describe the personal tax consequences that Mrs. Gardiner will have from her 2018 share sale. You can ignore the...
Develop a 2018 individual tax return (with all required forms and supporting schedules) for Rob and...
Develop a 2018 individual tax return (with all required forms and supporting schedules) for Rob and Laura Petrie that is both professional in appearance and technically correct. The use of tax software or a professional tax preparer to complete this project is prohibited. You can access fill-in forms (in pdf format) on the IRS website (www.irs.gov) by clicking on “More” on the left side of the homepage in the “Forms and Pubs” section. Next, click on the “Current Forms and...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
To complete this Individual Preparation assignment, answer the following questions related to this week’s two cases....
To complete this Individual Preparation assignment, answer the following questions related to this week’s two cases. Each answer should be no more than 1-2 sentences. 1. According to their MELD scores, which patient is the worst-off (in the most need), and which patient can wait the longest for a transplant? Explain. 2. Given the criteria for assessing post-transplant success, such as the patient’s lifestyle choices and support system, which patient has the highest likelihood of success, and which patient has...
36. When John comes home from work one evening, he finds that the leaves in his...
36. When John comes home from work one evening, he finds that the leaves in his front yard have been raked and put in bags. Later, a man comes to collect for the yard work done. John refuses to pay for the work since he has never seen the man before and did not hire him to do his yard work. Which of the following answers is most accurate? a. This is an implied, unilateral contract and John must pay...
1) Describe an example of each of the following that may be found of your kitchen:...
1) Describe an example of each of the following that may be found of your kitchen: Explain how your choice falls into this category, and if there is a chemical name or symbol for it, provide that as well. Provide a photo of your example with your ID card in it. a) a compound b) a heterogeneous mixture c) an element (symbol) Moving to the Caves… Lechuguilla Caves specifically. Check out this picture of crystals of gypsum left behind in...
Review the   PILOT DOSE-RESPONSE STUDY OF MEMOROL Consent Form (ICF) Check  to determine whether the required ICH-GCP...
Review the   PILOT DOSE-RESPONSE STUDY OF MEMOROL Consent Form (ICF) Check  to determine whether the required ICH-GCP elements are present by checking Yes or No in the Informed Consent Form Checklist’. If you review an element and are not convinced that the ICF adequately covers the details– indicate this on the review form by making a note in the “comments section. Introduction: I have been asked to participate in a 1 month research study which will evaluate the effectiveness and safety...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT