Which of the Following Is Not Relevant in Determining Whether

question 62

Multiple Choice

Which of the following is not relevant in determining whether an activity is profit seeking or a hobby?

• A)Whether the activity is enjoyed by the taxpayer.
• B)The expertise of the taxpayers or their advisers.
• C)The time and effort expended.
• D)The relationship of profits earned and losses incurred.
• E)All of these are relevant factors.

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Definitions:

Apology

An expression of regret or sorrow for having wronged someone, often an important step in resolving conflicts and repairing relationships.

Essential Agreement

A fundamental or core agreement that forms the base of a relationship or negotiation.

Effective Apology

An apology that acknowledges wrongdoing, takes responsibility, offers a remedy, and genuinely expresses regret, thus facilitating reconciliation.

Acknowledgement

The act of recognizing or admitting the existence, truth, or validity of something.