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To Make Service Calls Easier for a Piece of Equipment

question 17

Short Answer

To make service calls easier for a piece of equipment, record the following information inside the front cover of the equipment manual: date of purchase or lease, phone number of the company contracted to repair the equipment, and the _______ number of the equipment.

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Definitions:

At-risk Amount

The investment in money or other property at risk in an activity, determining the deductible loss limit.

Passive Loss Rules

Tax provisions limiting the amount of loss investors can claim from passive activities, such as rental properties, to offset other income.

Income

Funds acquired regularly from labor or investment returns.

At-risk Amount

The maximum value taxpayers are at risk of losing in an investment, affecting the deductible loss limit in tax declarations.

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