If an Activity Produces a Profit for at Least Two

question 79

True/False

If an activity produces a profit for at least two years during a consecutive five-year period,the burden of proof shifts to the IRS to show that the activity is not profit-motivated.

Know how to correctly use and fill out banking forms and slips.

Grasp the concept and process of bank reconciliation to manage financial records.

Identify and understand different banking terms and their definitions related to checks and deposits.

Familiarize with the endorsement types and their implications on check processing.