I am looking for an explanation or definition and maybe a couple examples of:
Income from an "Active Business"
Income from a "Specified Investment Business"
Income from a "Personal Services Business"
I am having a hard time understanding what the differences are between the three.© BrainMass Inc. brainmass.com June 3, 2020, 8:01 pm ad1c9bdddf
An active business derives income from any service not otherwise excluded, also a specified investment business with 5 or more full time employees.
A specified investment business is a business which principally ...
Clear brief distinction given. The terms commonly used in tax practices are determined.