6) Rob sells stock with a cost of $3,000 to his daughter for $2,200, which is its fair market value. Later the daughter sells the stock for $3,200 to an unrelated party. Which of the following describes the tax treatment to Rob and Daughter? +A) Rob Recognizes no loss B) Rob Recognizes no loss ☐C) Rob Recognizes $800 loss D) Rob Recognizes $800 loss Daughter Recognizes gain of $1,000 Daughter Recognizes gain of $200 Daughter Recognizes gain of $1,000 Daughter Recognizes gain of $200 0 7) For the years 2016 through 2020 (inclusive) Mary, a best-selling author, has been involved in operating an antique store. In 2016, 2017 and 2018 her revenue exceeded the expenses from the activity. In 2019 and 2020, the antique store generated a loss. Which statement is correct? A) The activity is a business. The IRS cannot prove it is a hobby. B) The activity is a hobby. Mary cannot prove it is a business. C) The activity is presumed to be a business. However, the IRS may prove it is a hobby. D)

6) Rob sells stock with a cost of $3,000 to his daughter for $2,200, which is its fair market value. Later the daughter sells the stock for $3,200 to an unrelated party. Which of the following describes the tax treatment to Rob and Daughter? +A) Rob Recognizes no loss B) Rob Recognizes no loss ☐C) Rob Recognizes $800 loss D) Rob Recognizes $800 loss Daughter Recognizes gain of $1,000 Daughter Recognizes gain of $200 Daughter Recognizes gain of $1,000 Daughter Recognizes gain of $200 0 7) For the years 2016 through 2020 (inclusive) Mary, a best-selling author, has been involved in operating an antique store. In 2016, 2017 and 2018 her revenue exceeded the expenses from the activity. In 2019 and 2020, the antique store generated a loss. Which statement is correct? A) The activity is a business. The IRS cannot prove it is a hobby. B) The activity is a hobby. Mary cannot prove it is a business. C) The activity is presumed to be a business. However, the IRS may prove it is a hobby. D)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you send another picture or write it down cuz i dont understand
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Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
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