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Which of the following statements is false? A. If a taxpayer has expenses or losses...

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Question

Accounting

Which of the following statements is false?

A. If a taxpayer has expenses or losses from a hobby, such as a horse farm, they can only deduct those expenses to the extent of the horse farm hobby income.

B. Business income is considered "earned" income

C. If a taxapayer sells their personal residence at a loss, they can only deduct $3,000 of such loss.

D. All of the above statements are correct (true).

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