To be eligible for business deductions, your business must make a profit in any years of a -year period. a. 2,4 b. 3,5 c. 2,3 d. 2,5
This completes Exam 3 and

To be eligible for business deductions, your business must make a profit in any years of a -year period.

b. 3,5

Explanation:

The IRS safe harbor rule states that a business must make a profit in 3 out of 5 consecutive years to be regarded as a business that is established for profit-making motive.  This implies that if profits are not made in 3 of 5 consecutive years, IRS will not presume that the entity is established for profit, thereby affecting the entity's ability to claim business deductions.

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds

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