1) What must Kevin Mooney do and explain why? What criterion and considerations must be weighed, and explain how? What are the significance, risks, and rewards of two opportunities and their implication in terms of Kevin Mooney"s "apprenticeship"?
2) If taxpayer is not by now engaged in trade or business, expenses incurred are deductible if project is abandoned. Which of the given statements is right in connection with investigation of the business?
A) If taxpayer is not already engaged in trade or business, expenses incurred are deductible if project is abandoned.
B) If business is acquired, expenses may be deducted immediately by the taxpayer occupied in like trade or business.
C) That business should be related to taxpayer’s present business for any expense ever to be deductible.