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.
Nobody downloaded yet

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

Comments (0) Cite this document
Summary to essay on topic "See Below. I also have a Word Document which has research notes"
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 paper
Polish This Essay
See Below. I also have a Word Document which has research notes
Read TextPreview

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

Download file "See Below. I also have a Word Document which has research notes" 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.
Let us write or edit the essay on your topic "See Below. I also have a Word Document which has research notes" with a personal 20% discount.. Try it now
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 "See Below. I also have a Word Document which has research notes" to see next pagesRead More
Cite this document "See Below. I also have a Word Document which has research notes"
  • APA
  • MLA
(“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)
“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 - THEY ALSO FIT YOUR TOPIC "See Below. I also have a Word Document which has research notes"
See document
The capacity to acknowledge and deal with intricate business ethics issues has become a noteworthy priority in the modern companies. In the recent years, a number of well exposed scandals have resulted in public outcry on the need for superior business ethics and better corporate accountability.
12 Pages(3000 words)Essay
A Little Cloud by James Joyce
The author describes that the plot of the story uncovers the basic features of the main character’s personality and his inability to change his life, as well as the causes of this inability. The thesis of this paper is: Little Chandler’s epiphany is a result of the acute confrontation between his style of life and his views on self-realization.
3 Pages(750 words)Essay
See notes
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
2 Pages(500 words)Essay
World Literature (See attched Word Document for insutruction)
As Job is tested with this, he continues to believe in God and fear his justice, which allows him to regain his life and to be rewarded. The Eumenides refers to human justice based on
3 Pages(750 words)Essay
Examine the distinguishing features of HRM In A Developing country( Australia)
The primary objective of a Human resource division is to enhance the productivity of an organization while improving the working capacity of its employees and at the same time ensuring the personal development of its
10 Pages(2500 words)Assignment
See the document i send you
1). Wood’s rendition of the oil painting in hardwood panel was to manifest a jubilant mood of threshers after a bounty harvest. The painting shows a house in a bisected form with
3 Pages(750 words)Essay
The Information Requirements for a Hypothetical Information System
The author states that a system is built on the basis of the requirements given by the customer. On the basis of these requirements, a firm decides to choose the implementation strategy. In addition, different systems have different requirements. This section outlines the system requirements for a shopping mall management system.
2 Pages(500 words)Essay
Cultural Foundation - I will upload them in word document
In the Iliad, Homer brings out several themes that are characteristic of the human nature. The author brings out themes such as rage and anger, courage, religion and love. Homer can be seen as a writer who communicates issues of the ancient world through his
2 Pages(500 words)Essay
See word
These factors can affect human beings either negatively or positively. However, they contribute a lot to the well-being of a person. The essay is a critical review of how these factors
5 Pages(1250 words)Essay
See word
The ultimate effect is an increase in team productivity. Moreover, team-building exercises give work mates to develop their roles within the team. People possess different skills, which might important for the team performance. Team building helps individuals to
2 Pages(500 words)Essay
Let us find you another Essay on topic See Below. I also have a Word Document which has research notes for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us