The Tax Court also denies capital gain treatment but allows business deductions for a taxpayer's subsequent shooting activity. Recently, the Tax Court ruled that an individual who received income as a nominee of a C corporation was not subject to the hobby loss rules of Sec. 183. To read the full article in the Journal of Accountancy, click: Salesmanâ€™s Termination Payment Held Not For Goodwill. ...Read more ›
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