Emily is an interior decorator who docs consulting work for several furniture scores. Additionally, she has been designing and creating rubber stamps for the past several years. She sells the scamps to local stationary and novelty shops. Emily has reported the following nee income or loss from the rubber stamp activity:
|
Year |
Net Income (Loss) |
|
2014 |
$ 300 |
|
2015 |
(900) |
|
2016 |
(400) |
|
2017 |
(600) |
|
2018 |
(550) |
|
2019 |
(800) |
Emily is audited for the year 2019, and the agent disallows the $800 loss. Can Emily make an election for 2019 to keep the year open in anticipation of meeting the presumptive rule for the year? Why or why not?
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