TaxSrv wrote:

"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.


What is the current reality then?

Matt