How many years do hors Study guides, Class notes & Summaries
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CFP Exam Income Tax-96 Questions with Complete Solutions
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CFP Exam Income Tax-96 Questions with 
Complete Solutions 
What is the primary source of all tax law? - CORRECT ANSWER IRS 
Step transaction - CORRECT ANSWER Ignore the individual transactions and instead 
tax the ultimate transaction 
Sham transaction - CORRECT ANSWER Lacks a business purpose 
ex: A sale by XYZ to ABC when XYZ and ABC are owned by the same company 
Is income from a hobby reportable? - CORRECT ANSWER Yes 
Are expenses for hobbies deductible? - CORRECT ANSWER No 
A hobby is con...
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