To Be Considered Predominately Used in a Trade or Business

question 108

True/False

To be considered predominately used in a trade or business under the listed property rules, more than 75% of an asset's total use for each taxable year must be related to the taxpayer's trade or business.

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Definitions:

Supervisor

An individual who oversees and manages the work of others, typically in a professional or work setting.

Participant

An individual who takes part in an activity or event, often used in the context of research, workshops, or group processes.

Formal Group

An officially recognized collective that is supported by the organization.

Audit Unit

A specific department or team within an organization responsible for evaluating the accuracy of financial records and operations.