Once the More-Than-50% Business Usage Test Is Passed for Listed

question 103

True/False

Once the more-than-50% business usage test is passed for listed property, it still matters if the business usage for the property drops to 50% or less during the recovery period.

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Definitions:

Noncorporate Sector

Parts of the economy that are not incorporated as businesses, including households, sole proprietorships, and some partnerships.

Excess Burden

The amount by which the burden of a tax exceeds the total revenue collected. Also called deadweight loss.

Tax Revenue

The revenue collected by governments from taxes.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.