Some of the World's Greatest Entrepreneurs Have Overcome Challenges from Their

question 38

Multiple Choice

Some of the world's greatest entrepreneurs have overcome challenges from their childhood and youth, including all of these except one.

• A) learning disabilities
• B) abuse
• C) extreme poverty
• D) financial prosperity

Compute cost recovery deductions for business property including office furniture and equipment.

Recognize the tax implications of hobby activities and the limitations on expense deductions.

Identify what constitutes a trade or business expense.

Determine the maximum amount of cost recovery that can be deducted in a given year.

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Definitions:

Defense Mechanism

Strategies employed by the psyche to protect the individual from psychological distress.

Denial

A defense mechanism in which confrontation with a reality or fact is avoided by denying the existence of the problem or reality.

Reaction Formation

A defense mechanism in which unacceptable impulses are transformed into their opposite, often as a way of coping with anxiety.

Id Impulses

Primitive instincts and drives present from birth, according to Freudian theory, that operate at the unconscious level.