Ned, a college professor, owns a separate business (not real estate) in which he participates in the current year. He has one employee who works part-time in the business. a. If Ned participates for 600 hours and the employee participates for 2,000 hours during the year, Ned qualifies as a material participant. b. If Ned participates for 120 hours and the employee participates for 120 hours during the year, Ned does not qualify as a material participant. c. If Ned participates for 95 hours and the employee participates for 5 hours during the year, Ned probably does not qualify as material participant. d. If Ned participates for 500 hours and the employee participates for 520 hours during the year, Ned qualifies as material participant. e. None of these choices applies.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Ned, a college professor, owns a separate business (not real estate) in which he participates in the current year. He has one employee who ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Bill and Alma are shopping for their first home. They have found two houses that are nearly identical except for their locations. One house costs $250,000 and is 15 miles from their places of employment.
Answers (1)
Victor Green has been working at The Bicycle Superstore for about two weeks. This morning he noticed that the store's inventory on bicycle tire repair kits is out, but he is unsure of whom he should report to for approval to place an order for more
Answers (1)
In a perfectly competitive market, firms face no barriers to entry or exit. a. True b. False
Answers (2)
Compare and contrast weak sustainability and strong sustainability. discuss how a policymaker might decide which sustainability concept to use
Answers (1)
Assume that direct labor is paid at a rate of $ 25 per hour and Job 456 used $ 2 comma 350 of direct materials. What was the total manufacturing cost of Job 456 ?
Answers (2)
New Questions in Business
Assume that a speculator purchases a put option on British pounds (with a strike price of $1.50) for $.05 per unit. A pound option represents 31,250 units. Assume that at the time of the purchase, the spot rate of the pound is $1.
Answers (1)
In January the company produced 4,400 units using 10,180 pounds of the direct material and 2,160 direct labor-hours. During the month, the company purchased 10,750 pounds of the direct material at a cost of $76,630.
Answers (1)
The business judgment rule has been replaced by good faith statutes in most states. True or False
Answers (1)
Replace present refrigerators with similar refrigerators at a cost of $20 x 106. Option 2. Replace present refrigerators with lake-source cooling at a cost of $50 x 106. However, the lake-source cooling would save 1.
Answers (1)
For February, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising expenses are $90,000; shipping expenses total 2% of sales;
Answers (1)