Mickey has a rare blood type and sells his blood for payment on a regular basis. In order to maintain the quality of his blood, Mickey takes expensive vitamins and nutritional supplements. What tax issues should Mickey consider?
What will be an ideal response?
Does the sale of blood constitute a trade or business to Mickey? Are the vitamins and supplements deductible as business expenses?
You might also like to view...
The group with primary responsibility for development of a single set of accounting standards around the world is the
a. FASB b. SEC c. IFRS d. IASB
This year, Jonathan sold some qualified small business stock that he acquired in December 2010. His basis in the stock was $100,000 and he sold it for $400,000, resulting in a $300,000 gain. How much of Jason's gain is taxable?
A. $150,000 B. $75,000 C. $0 D. $300,000
With reference to global marketing, identify the example that best explains the term "cultural convergence."
A) Teenagers in Tokyo, London, and San Francisco dress and talk similarly and buy the same kinds of products. B) Population growth rates have stabilized and the population over age 65 is increasing. C) Aging populations, falling birth rates, and increased female employment are common in industrialized countries. D) The increasing numbers of women working outside the home has led to more nontraditional meals and increased need for convenience.
_______ are names of possible clients that business market managers generate from computer databases
a. Leads b. Inquiries c. Prospects d. Prospecting