Answered: most possible sources of income to a…

Business

Accounting

most possible sources of income to a business, corporation or trust

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 19MCQ

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Question

The following relates to the different income components:

Employment or loss
Business income or loss
Property income or loss
Capital gain or loss

Use the above details to answer questions 11 and 12.

What are the most possible sources of income to a business, corporation or trust?

Question 8 options:

a)	i, ii and iii

b)	ii, iii and iv

i and iv

d)	All of the above

Definition Definition Increase in the value of a capital asset and the amount that is realized when the asset is sold off. A capital gain may be short-term or long-term depending on the tenure for which the asset is held.

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