Indicate Under What Circumstance the Defence of Voluntary Assumption of Risk

question 86

Essay

Indicate under what circumstance the defence of voluntary assumption of risk or volenti will be available.

---

Definitions:

Listed Property

Assets specified by the IRS that are subject to specific record-keeping and substantiation requirements, such as vehicles and computers used for business.

Business Bad Debt

Debt associated with the conduct of a trade or business that becomes worthless or uncollectible during the tax year.

Short-Term Capital Loss

A loss realized on the sale or exchange of a capital asset held for one year or less.

Completely Worthless

A term generally used to describe an asset that has lost all of its market value or has no foreseeable use or value.