4.
What is the definition of “rental real estate enterprises”?
a. An interest in real property or multiple properties held for the production of rents. b.
A residential real estate property
c.
A commercial real estate property
d.
A mixed-use real estate property
5. Which of the following is not a requirement needing to be satisfied during the taxable year with respect to the rental real estate enterprise? a. At least 250 hours of “rental services” must be performed each year with respect to the enterprise, beginning prior to January 1, 2023. b. Separate books and records must be maintained for each real estate enterprise reflecting income and expenses of the enterprise. c. Taxpayers must keep contemporaneous records (i.e., time reports, logs, or similar documents) regarding the number of hours of all services performed for the enterprise, as well as a description of such services, including who the service was performed by and on what date such service was performed. d. The value of the real estate property must be less than $10,000,000.
6.
The §199A deduction of a taxpayer cannot exceed
a. An amount equal to 20 percent of the excess (if any) of the taxable income of the taxpayer for the taxable year, over the net capital gain of the taxpayer for such taxable year. b. An amount equal to 40 percent of the excess (if any) of the taxable income of the taxpayer for the taxable year, over the net capital gain of the taxpayer for such taxable year. c. An amount equal to 20 percent of the excess (if any) of the net capital gain of the taxpayer for such taxable year. a. An amount equal to 40 percent of the excess (if any) of the taxable income of the taxpayer for the taxable year. 60
