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#8
December 26th 04, 02:04 PM
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"C J Campbell" wrote:
The IRS wants to see a profit in three out of five years. This is no longer true. The IRS lost a series of court cases on this one, most notably because huge corporations such as Amazon.com, airlines, and investment real estate would have been treated as hobby losses. Going after only small businesses was unconstitutional under the equal protection clause. Now the IRS uses other tests to determine if an entity is a business. I've been in tax practice for 40 yrs now. Sorry, but all of the above is a complete fabrication. Fred F. 
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