Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 3, Problem 23MCQ
To determine

Concept Introduction:

The hobby loss rules can be avoided by an individual taxpayer if the taxpayer can prove that the activity was conducted with the intent to earn a profit. The IRS applies conditions to determine whether an activity is a hobby or not.

To choose:The factor not considered by IRS for defining an activity as hobby or not.

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