In the Case of an Office in the Home Deduction

question 24

True/False

In the case of an office in the home deduction, the exclusive business use test does not apply when the home is used as a daycare center.

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Definitions:

Transactions

The exchange of goods, services, or funds between two or more parties, forming the basis of accounting records.

Debit Credit

The two aspects of every financial transaction, where debit increases assets or expenses and credit increases liabilities, equity, or income.

Par Value

The nominal value of a bond, share of stock, or coupon as stated by the issuer, often used as a legal face value.