Even Though the IRS Tries to Minimize Occurrences, Small Business

question 61

True/False

Even though the IRS tries to minimize occurrences, small business owners often intermingle business and personal expenses in order to minimize taxable income.

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Definitions:

Tenancy At Will

A leasehold interest that occurs when property is leased for an indefinite period of time and is terminable at the will of either landlord or tenant.

Conveys Title

The act of transferring ownership or legal title of property from one person or entity to another.

Lessee

A person or entity that holds the lease of a property, effectively the tenant in a lease agreement.

Tenancy At Will

A rental agreement that allows either the tenant or the landlord to terminate the lease at any time without cause.