Fin Is a Self-Employed Tutor,regularly Meeting with Clients in a 100

question 54

True/False

Fin is a self-employed tutor,regularly meeting with clients in a 100 square foot area of his home.Fin is terrible at keeping records.Without the records,he will be able to deduct $500 for a home office deduction for AGI.

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Definitions:

Voluntary

Performed, decided upon, or proceeding from an individual's own choice, without being forced or required to do so.

Consensual

Agreements or actions made with the free and informed consent of all parties involved.

Equity

A system of justice that developed in England separate from the common law courts. Few states in the United States still maintain separate equity courts, though most apply equity principles and procedures when remedies derived from the equity courts are sought. A broader meaning denotes fairness and justice. In business organization law, the capital contributions of owners plus profits that have not been distributed to the owners; stated capital plus capital surplus plus earned surplus.

Partnership Capital

The total resources or assets that partners contribute to a partnership for the purpose of starting or expanding the business.