What term refers to a profit-seeking activity that occurs intermittently and involves income production or property management?

The term that refers to a profit-seeking activity that occurs intermittently, involving income production or property management, is business activity. This concept is significant because it encompasses a range of activities aimed at generating income, even if those activities do not occur on a continuous basis.

In a taxation context, recognizing an activity as a business activity is crucial for determining how income and expenses are reported. Business activities allow taxpayers to deduct expenses associated with the income-generating efforts, which can include costs related to managing property or conducting intermittent sales. Importantly, these activities must involve a motive to make a profit, distinguishing them from hobbies or passive activities that do not have this profit-seeking intention.

The other terms mentioned are not applicable in this context. Involuntary conversion relates to property that is lost and subsequently compensated, the kiddie tax involves taxation on unearned income for minors, and itemized deductions are specific deductions that taxpayers can take to reduce their taxable income, but none of them define the intermittent nature of profit-seeking activities like a business activity does.