Jon owns an apartment building in which he is a material participant and a computer consulting business. Of the 2,000 hours he spends on these activities during the year, 55% of the time is spent operating the apartment building and 45% of the time is spent in the computer consulting business. Which of the following statements is correct?a.The computer consulting business is a passive activity but the apartment building is not.b.The apartment building is a passive activity but the computer consulting business is not.c.Both the apartment building and the computer consulting business are passive activities.d.Neither the apartment building nor the computer consulting business is a passive activity.e.None of the above.

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thao2015 thao2015

11-03-2020
Business

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Jon owns an apartment building in which he is a material participant and a computer consulting business. Of the 2,000 hours he spends on these activities during the year, 55% of the time is spent operating the apartment building and 45% of the time is spent in the computer consulting business. Which of the following statements is correct?a.The computer consulting business is a passive activity but the apartment building is not.b.The apartment building is a passive activity but the computer consulting business is not.c.Both the apartment building and the computer consulting business are passive activities.d.Neither the apartment building nor the computer consulting business is a passive activity.e.None of the above.

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osondumartins osondumartins · Answer 1 · 2020-03-16T17:29:41+01:00

Answer:D. Neither the apartment building nor the computer consulting business is a passive activity.

Explanation: A Passive Activity is an activity where the tax payer does not take a substantial or material part in. It was described by the INTERNAL REVENUE SERVICE OF THE UNITED STATES OF AMERICA.

A non-passive Activity is an activity where the the tax payer take material or a substantial part in it.

BOTH THE COMPUTER CONSULTING BUSINESS AND THE APARTMENT BUILDING ARE NON PASSIVE ACTIVITES AS JON SPENDS A SUBSTANTIAL PART OF ITS ACTIVITIES OR MANAGEMENT.