Discuss Whether the Following Persons Are Currently Engaged in a Trade

question 139

Essay

Discuss whether the following persons are currently engaged in a trade or business:
a.Katerina owns 35 home sites in and around Orlando. She bought these vacant lots several years ago in hopes to developing them into a subdivision. She begins to develop the lots in the current year.
b.John spends 2 hours a day, 5 days a week, managing his investment portfolio. He watches the market and buys and sells securities when he thinks the market is right. His investment strategy is to realize dividends, interest, and long-term gains from holding the investments.
c.Bill lives in Miami and works full-time betting on dog races. Although he intends to win large sums, he has failed to win the big one. He considers his betting activities his job and relies on his meager winnings to support his family. He is devoted to the races and has rarely missed a day betting in over 3 years.

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Definitions:

Middle Adulthood

A stage in human development that typically covers the period from around age 40 to about 65, focusing on maintaining relationships and contributing to society.

Daily Experiences

The events and activities that a person encounters in their everyday life.

American Teens

Refers to teenagers living in the United States, often with emphasis on their cultural, social, and psychological aspects.

Emerging Adult

A phase of life between adolescence and full-fledged adulthood, typically ranging from ages 18 to 25, characterized by exploration and gradual assuming of adult roles.