Terrell, a manager with Qualsys Technologies, has been on an expatriate assignment in Russia for the last three years. Terrell's foreign assignment has ended, and he is working with HR to return to the U.S
and begin a new job at the firm's headquarters in Philadelphia. In which activity is Terrell most likely involved?
A) expatriation
B) repatriation
C) demotion
D) promotion
B
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Wriglee, Inc. went to court this year and successfully defended its patent from infringe-ment by a competitor. The cost of this defense should be charged to
a. patents and amortized over the legal life of the patent. b. legal fees and amortized over 5 years or less. c. expenses of the period. d. patents and amortized over the remaining useful life of the patent.
The Jacksons, who file a joint return, actively participate in a solely-owned rental real estate activity that produces a $30,000 loss during the current year. Their adjusted gross income was $120,000 before considering the rental activity. How much of the rental loss, if any, are the Jacksons entitled to deduct?
a) $30,000 b) $25,000 c) $15,000 d) $0