hobby loss

A nondeductible loss arising from a personal hobby, as contrasted with an activity engaged in for profit.

• The law generally presumes that an activity is engaged in for profit if profits are earned during at least three of the last five years. IRC (26 USCA) § 183. [Cases: Internal Revenue 3396, 3397.]

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词条贡献者

译者Jenny，毕业于英国顶尖的高级翻译学院，擅长翻译各种与ERISA 诉讼相关的法律文件。