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:

Clast Size

The dimensions of the fragments or grains that make up sedimentary rocks, indicating the energy of the environment in which they were deposited.

Clast Shape

Describes the form or outline of the fragments or grains that make up sedimentary rocks, influenced by processes such as weathering and transportation.

Clast Composition

The nature and variety of fragments or grains making up sedimentary rocks, indicating their origins and conditions of formation.

Peninsular Ranges

A group of mountain ranges that stretch along the Pacific Coast from Southern California to Baja California.