Week 3 Homework Assignment
Week 3. Assignments Chapter 7 7. Differentiate between the following: active income, passive income, and portfolio income. Briefly, what is “material participation”? Why is the determination of whether a taxpayer materially participates important? Mary Beth is a CPA, devoting 3,000 hours per year to her practice. She also owns an office building in which she rents out space to tenants. She devotes none of her […]