Greg Horne (431 Maple Avenue, Cincinnati, OH 45229), a syndicated radio talk show host, earns an annual salary of $400,000. He works approximately 30 hours per week in this job, which leaves him time to participate in several businesses newly acquired in 2010. He owns a movie theater and a drugstore in Cincinnati, a movie theater and a drugstore in Indianapolis, and a drugstore in Louisville. A preliminary analysis on December 1, 2010, shows the following projected income and losses and time spent for these various businesses. Greg has full-time employees in each of the five businesses.
Write a letter to Greg suggesting a grouping method and other strategies that will provide the greatest tax advantage. As Greg is not knowledgeable about tax law, provide a nontechnical explanation.
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