If an Activity Produces a Profit for at Least Two

question 79

True/False

If an activity produces a profit for at least two years during a consecutive five-year period,the burden of proof shifts to the IRS to show that the activity is not profit-motivated.

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Definitions:

Parietal Pleura

The part of the pleura that lines the inner surface of the chest wall and diaphragm, playing a role in the breathing process.

Visceral Pleura

Serous membrane investing the lungs and dipping into the fissures between the several lobes.

Alveoli

Alveoli are tiny air sacs in the lungs where the exchange of oxygen and carbon dioxide takes place.

Tracheobronchial Tree

The structure comprising the trachea and branching bronchi, facilitating air passage to the lungs.