_____ 1. Which of the following is a mixed-use activity that Congress has written detailed rules in an attempt to curb
abuse?
a. Hobby.
b. Vacation home.
c. Home-office
d. All of the above.
_____ 2. An activity
a. Is considered a hobby if has a business purpose.
b. That is considered a hobby has all of its expenses disallowed
c. Is determined to be a hobby or a profit-motivated activity by examining 9 factors.
d. That is considered a hobby has deductible expenses that are deductions for AGI.
_____ 3. A vacation home that is rented out during the year is considered:
a. Strictly a personal residence
b. Strictly a rental property
c. A vacation home that cannot generate a rental loss.
d. Any of the above depending on the length of the rental period.