Harriet owns 2 rental properties. She hires her 21 year old son to obtain tenants,...
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Accounting
Harriet owns 2 rental properties. She hires her 21 year old son to obtain tenants, negotiate leases, make arrangements for repairs and pay expenses related to the properties.
Harriet's sale of the properties will result in a capital gain or loss.
Harriet's sale of the properties at a loss results in a current-year loss deduction of no more than $3,000.
| a. | Only statement I is correct | |
| b. | Only statement II is correct | |
| c. | Both statements are correct | |
| d. | Neither statement is correct |
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