Discuss Whether the Following Persons Are Currently Engaged in a Trade

question 158

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.
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:

Provincial Law Society

A Provincial Law Society is an organization in Canadian provinces responsible for regulating the practice of law, ensuring professional standards and protecting the public interest.

Lawyer's Misconduct

Inappropriate or illegal actions taken by a lawyer while performing their professional duties.

Fees

A charge or payment for a service or privilege.

Duty Counsel

A lawyer provided by the court system to represent defendants who do not have their own attorney, typically in criminal cases.