Business, 27.02.2020 22:42 hannahbaak

In determining whether an activity should be classified as a hobby, the tax law provides a rebuttable presumption with regard to the profits or losses of an activity. Which of the following statements describes the profit/loss test which must be satisfied in order to meet the presumption that the activity is not a hobby?

a. The activity shows a profit for 3 of the 7 previous years.
b. The activity shows a loss for 3 of the 7 previous years.
c. The activity shows a loss for 3 of the 5 previous years.
d. The activity shows a profit for 3 of the 5 previous years.
e. None of these choices are correct.

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In determining whether an activity should be classified as a hobby, the tax law provides a rebuttabl...