What is y shelter
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:What is a tax shelter?
A used as tax evasion schemes
B only affects active income
reduces other types of income
activities that provide ways to reduce tax liabilitiesbu does not provide any cash flow
Question 19
Home office deductions are limited to
the business space used, even when the area is used for personal reasons
B any NOLS are lost
net income
unattached structures
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