During the Current Year,Ethan Performs Personal Services as Follows: 800

question 61

Multiple Choice

During the current year,Ethan performs personal services as follows: 800 hours in his information technology consulting practice,625 hours in a real estate development business,and 510 hours in a condominium leasing operation.He expects that losses will be realized from the two real estate ventures while his consulting practice will show a profit.Ethan files a joint return with his wife whose salary is $125,000.The income and losses from the following ventures is considered active and not subject to the passive loss limitations:

• A)Only the information technology consulting practice.
• B)Only the information technology consulting practice and the real estate development business.
• C)Only the information technology consulting practice and the condominium leasing operation.
• D)All three of the ventures are considered active and not subject to the passive loss limitations.
• E)None of the above.

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Definitions:

Ethical Concern

Issues or situations that require consideration of moral principles and values.

Content Curation Site

A website that aggregates, organizes, and shares curated content on specific topics or interests.

Expert

An individual with a high level of knowledge or skill in a particular area, often gained through experience or education.

Ethical Issues

Moral challenges or dilemmas that arise in a professional or personal context, requiring individuals to choose between actions based on moral principles.