ACC 401 Week 3 DQ1 Self Employed Business

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ACC 401 Week 3 DQ1 Self Employed Business

Self-Employed Business Income & Capital Gains. From Chapter 6, complete discussion question 1, question 2, question 9, and question 15 and post to the discussion board by day 3. From Chapter 7, complete question 1, question 2, question 8, and question 12.

Chapter 6, complete discussion question 1, question 2, question 9, and question 15

  1. Discuss the definition of a trade or business. Why does it matter whether a taxpayer is classified as an employee or as self-employed?

  2. Discuss the concepts of ordinary, necessary, and reasonable in relation to trade or business expenses.

  3. Discuss the concept of electing 179 expense. Does the election allow a larger expense deduction in the year of asset acquisition?

  4. Why were the hobby loss rules established? What factors determine whether an activity is a trade or business or a hobby? Is any one factor controlling?

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