What an activity is presumed to be carried on for a profit

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Problem 1: One indicator of whether an activity is considered a business, or a hobby is the presumption of a profit (i.e., a profit motive). An activity is presumed to be carried on for a profit if it produces a profit in at least XX of the last 5 tax years?

a. 2

b. 3

c. 4

d. 5

Reference no: EM132744420

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