StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

See Below. I also have a Word Document which has research notes - Essay Example

Comments (0) Cite this document
Summary
As we all are aware, there are many differences between a hobby and business. There is a clear demarcation between the two; but it blurs at times. From the tax angle all the financial activities should be reported from whichever source they are derived, deducting the usual expenses and showing the rest as income…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.5% of users find it useful
See Below. I also have a Word Document which has research notes
Read TextPreview

Extract of sample "See Below. I also have a Word Document which has research notes"

Download file to see previous pages A profitable hobby, if it remains so, naturally will become a business. This does not mean that a business should always create enormous income and continue to maintain the statuesque year after year. Losses are permitted in every business; but they usually attain the form of a continuous flow where losses the profit are merged. Business is not completely bound by sales, profit or timeframe; nevertheless, the initial recognition of the activity as a business matter a lot for the taxpayer and this recognition is guided by the business logic of making profit, even though it very often fails to reach the expectations. On the contrary, a hobby need not show any profit and can remain a source of pleasure, recreation and fun. Hobby touches the creative and imagination of the person, whereas business is connected with the dry financial gratification1. In a hobby, the person is not answerable to anyone, because it is not a profit-making venture. While "business is any profession, trade, manufacture, or undertaking carried on for pecuniary profit," hobb is is an activity conducted primarily for private pleasure or recreation." http://www.mcleanandco.co.nz/Page115.htm
Returning to your horse farm, if losses are continuing every year, beyond a certain business logic, it is not unnatural that IRS, after auditing, placed it under the category of Hobbies. Speaking from the financial/tax point of view, any hope of deducting the expenses would cease here, while the venture remains an expensive and creative activity of self-satisfaction2.
Our suggestion is that instead of fighting the case now, it is prudent to wait for the final determination letter and then, armed with all the categorised information, you can start answering the points to resurrect the business angle3. Right now, it is difficult to fathom the grounds on which the categorisation is done, although we can guess; instead, it will be far easier for you to answer the categorisation.
To do so, you, as a businessman should be able to show the business path and the convincing hope of attaining such a goal, which will bring the farm into the business-fold. Twenty horses that you maintain on fifty acres of land, and the time that you spend on this farm, especially since your home occupies three acres of the entire land should not be very difficulty to argue that they all fall under the business category. Not having any profit in the last six years, and your statement that you spend only a quarter of your time on the farm, would naturally lead IRS to decide in favour of hobby, denying the full-fledged business status4. In our counter-argument, we shall forcefully argue that hired hands were continuously working on the farm in your absence and considering the situation of your house in the farm, you have spent much more time than a quarter of it, because you lived on the farm and attended to the farm responsibilities at any time according to the need and this includes the emergency, sickness, medical attention etc. that you might have attended to even during the nights and this argument is perfectly acceptable, as IRS knows that livestock need attention beyond working hours. From the profit-making angle, it has to be argued that profit was illusive all these years, because the horses were young and were at the growing stage. Only now, they have started producing colts and ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“See Below. I also have a Word Document which has research notes Essay”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1506474-see-below-i-also-have-a-word-document-which-has-research-notes
(See Below. I Also Have a Word Document Which Has Research Notes Essay)
https://studentshare.org/miscellaneous/1506474-see-below-i-also-have-a-word-document-which-has-research-notes.
“See Below. I Also Have a Word Document Which Has Research Notes Essay”, n.d. https://studentshare.org/miscellaneous/1506474-see-below-i-also-have-a-word-document-which-has-research-notes.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF See Below. I also have a Word Document which has research notes

See Below

Secure Communities is a new strategy developed by the Department of Homeland Security, with the goal of identifying arrested immigrants who are to be deported under U.S. law. The Secure Communities strategy has considerable benefits and several weaknesses. Despite the growing concern with regard to the validity and legitimacy of the Secure Communities strategy, it is the best way to diminish the scope of illegal immigration and its potential contribution to terrorism: through Secure Communities, the U.S. will finally remove thousands of offenders from its territory and reduce the costs of law enforcement and criminal justice without any damage caused to the security and individual rights protection of U.S. citizens. Secure Commun...
4 Pages(1000 words)Essay

See Below

Criminals can come from any social and economic strata of society. A petty street thug and even a depraved corporate executive can commit any crime against his or her fellow citizen. Crimes of varying degrees are done with utter impunity against helpless innocent people. One must ask where is the law in all this? What happened to the safeguards and the legal forces meant to protect the citizens of society? Sure there are the police force and other law enforcement agencies that are meant to track down and arrest criminals, but they can only apprehend and imprison such problematic characters. It can also be said that the laws of the land wish to spare the lives of those who would brutally and callously destroy the lives of others....
6 Pages(1500 words)Essay

See document

Company senior managers heading public companies prepared deceptive statements to blow up the prices of the company stock, apparently undermining the trust of the public in the integrity of financial market and regulators. The corporate scandals are usually perpetrated by several people who understand the organization’s every single detail, with most collaborating parties being people with high standing in the society. Most executives in failed corporations admit receiving enormous bonuses and backdated stock options to warrant that they will make wealth from investing in their company; not considering whether their performance made the share price increase or go down. Other unethical behaviors have resulted in the downfall of co...
12 Pages(3000 words)Essay

See Below

Introduction ment of the Problem: Medical transcriptioning is one of the most flourishing outsourced jobs in the field of medical advancement inthe society today. however, with the growth it has in the industry, how reliable are the results of the said process and how much are they affecting the process of cure that the patients need to receive'
Purpose Statement : The objective of this purposed study is to determine if documentation errors such as transcription errors of physician orders effect the patients length of stay in a hospital setting.
Hypothesis: A transcription error will increase the length of stay.
Importance of the Study: this research is aimed to making a great impact on the process of transcirptioning...
2 Pages(500 words)Essay

See below

... to, documents used as exhibits, the new laws stated that all documents or statements that met the requirements of the sections 119, 120, 122 were admissible as hearsay evidence. This was further subject to the approval of all parties involved in the trial. These statements also have to be acceptable to all the parties involved. The judge has to satisfy the grounds that the current statement is in the high interest of the judiciary and is highly reliable and indispensable to any further proceedings in the case. To sum up the statements of section 118, we can safely say that it gave the courts ample room to exercise their right to judicial discretion and in no way prejudiced their powers. It was still in the realm of power exercised...
18 Pages(4500 words)Essay

See below

... in Australia have been exported to other countries like the United States (Bureau for International Narcotics and Law Enforcement Affairs, 2007). In Australia, the Commonwealth, the States and the Territories cooperate with each other in making legislation that addresses the supply, distribution, possession and use of narcotics. These bodies share the responsibility for enacting relevant legislation. There is a trans-state supply of illicit drugs in Australia, which has no geographical boundaries within the nation. Moreover, it is also evident that in certain incidents there had been cross national supply of drugs (The Attorney - General, 1989). The courts and the police employ drug diversion initiatives to treat drug addicts...
10 Pages(2500 words)Essay

See below

...To kill a mocking bird’ by Lee Harper is one of the most iconic book of the era which has not only gone on to win the Pulitzer Prize for its literarybrilliance but it has also made a significant impact on the population for the issues that have challenged the society for more than two centuries. While the book touches many areas of human interaction like parenting, class division, gender bias, racism etc., Lee Harper has excelled in portraying the racial discrimination that had prevailed dominantly at that time in America. The book is rendered through the experiences of the six year old protagonist, ‘Scout’ who learns the harsh facts of the life and comes out a winner because they teach her the fundamental lesson that life is not always...
4 Pages(1000 words)Essay

See notes

There are three instances where the teacher shows sensitivity to the parents during the Back-to-School night speech. The first example is the use ofa translator. This teacher works in an urban school district with many parents that are English language learners. Hearing instructions in their native language will improve communication between parents and the teacher. The teacher also avoids the use of jargon. When terms that could be jargon to English language learners, such as Web site or disclosure statement are used, the teacher explains them concisely. A final demonstration of sensitivity is the teachers willingness to accommodate the parents work schedule by agreeing to stay until 8:00 on some evenings.
First of all,...
2 Pages(500 words)Essay

See word

Steve Jobs is still considered as one of the most important leaders in the field of technology and consumer electronics. Over the period of time, he was successful in building a company which was once the largest business in the world surpassing all other businesses. What is however, important to note that Steve Jobs was considered as one of the most successful CEO with a unique style of management and leadership? Considering his overall life and how he managed Apple Inc. an analysis of his personality according Myers-Briggs framework is as under:
Extrovert- E
A Closer analysis of the personality of Steve Jobs would suggest that he was an extrovert in nature as communication was relatively easier for him. It is also importa...
2 Pages(500 words)Assignment

See word

...CASE: HARPO What are the potential dangers of having one super-powerful leader of an organization? One of the greatest dangers of a powerful leader in charge of an organization is that people are only drawn to that leader and not the work of the organization. Strong leadership is important for any organization to succeed, but to give one person so much power and control is like putting all the eggs in one basket. Things appear great while there is no controversy, but if that leader is exposed as part of a scandal that the reputation can damage the company brand. A case in point occurred in 2007 when one of the teachers at the Leadership Academy in South Africa was accused of sexually abusing students. Because Oprah attached her name...
2 Pages(500 words)Essay

Developing a Research Base for Intravenous Peripheral Cannula Resites

Two hypotheses were tested in this paper. There are two groups that were compared in the paper. The control group has participants who follow the three-day cannula re-site protocol currently employed in most hospitals. The intervention group would only have cannula re-sites if their medical condition demands it. One of the hypotheses of this paper states that the control group would have more unplanned IV cannula re-site than the intervention group. Secondly, it also states that the cost of total cannula re-site of the control group would be higher than in the intervention group.
A randomized controlled trial was employed for this study. This was very much appropriate for this type of study. According to Pildal, et al (2005),...
6 Pages(1500 words)Case Study

Analysis of the Methods of 3 Research Papers about Child Abuse

Research ethics was maintained as the identity of the individuals participating was kept secret. As far as the validity of the study was concerned, the researchers attempted to use content validity in order to get an accurate response. The content validity focused on measuring off the ethnicities and gender percentages within the area and attempting to get a random sample of individuals via the phone. Their approach to random calling allowed for a significant random sample in the study. There were a few issues, however, with this type of approach. Those answering the phone sometimes were not always the desired individual, and not all of the desired people were surveyed. Different replacements did have to be used, and the attempt w...
6 Pages(1500 words)Literature review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic See Below. I also have a Word Document which has research notes for FREE!

Contact Us