acc_400_week_3_learning_team_assig...acc_400_week_3_learning_team_assig...

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Ch8.33. Ramone is a tax attorney and he also owns an office building that he rents for $8,500 /month. He is responsible for paying all taxes and expenses relating to the buildings operation and maintenance. Is Ramone engaged in the trade or business of renting real estate?Generally, the taxpayer is a real estate professional and materially participates in a real property or business, or works on a regular, continuous and substantial basis in the operation of the rental. But Ramone is a tax attorney, it is not considered in the trade or business of renting real estate that only would be

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