Gabby Owns and Operates a Part-Time Art Gallery,now in Its

question 89

Multiple Choice

Gabby owns and operates a part-time art gallery,now in its fifth year.She views it as a business activity,but she is concerned that the IRS will challenge her classification and consider it a hobby.Her business results,using the cash method of accounting,were net losses in the first and fourth years and small profits in the second and third years.It is now almost year-end and based on projections,the business is showing a small profit of $6,000.Repairs to the security system and to the heating/cooling system were recently completed and these bills total $7,000.When should Gabby pay these bills?

• A)before year-end to get the current year deduction
• B)next year
• C)split into $6,000 this year and $1,000 next year
• D)It does not matter when she pays the bills.The work was performed this year,so the costs will be deducted this year.

Define and understand the concepts of backflows and 'beaten path' in international migration.

Evaluate the fiscal impacts of illegal immigration on local and state governments.

Understand the concept of skill transferability and its relevance to migrants.

Describe the legal pathways for gaining entry into the United States and their respective categories.

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Definitions:

Compounded Options

A financial derivative instrument that contains an option that itself has a feature making its payoff at least partially dependent on the future level of interest rates.

GICs

A kind of investment in Canada known as Guaranteed Investment Certificates that provide a promised return rate for a specified duration.

Nominal Annual Rates

The stated annual interest rate of a loan or investment, not accounting for compounding within the year.

Compounded Semiannually

The process where interest is calculated and added to the principal sum of a loan or deposit twice a year, leading to interest on interest.