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The Tax Advantage for Sole Proprietorships Does Not Last Forever

question 66

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The tax advantage for sole proprietorships does not last forever.The businessperson must make money in order to be considered a business.Money must be made for how many years in order to be considered a business and not a hobby by the IRS?


Definitions:

State-Dependent Memory

The phenomenon where information learned in a particular state or context is better recalled when in that same state or context.

Priming

A psychological effect whereby exposure to one stimulus influences the response to a subsequent stimulus, without conscious guidance or intention.

False Memories

An inaccurate or distorted recollection of an event that feels very real to the person remembering it.

Imagination Inflation

A phenomenon where vividly imagining an event can increase confidence that the event actually occurred in the past.

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