by admin | Jan 4, 2022 | Tax
Judge Urda picked the shortest day of the year to issue an opinion that can serve as a Christmas present to taxpayers vulnerable to Code Section 183, the hobby loss rule. William R. Huff TCM 2021-140 is the first, and likely the only, taxpayer victory in a Section...
by admin | Jan 1, 2022 | History, Tax
One of those “deja vu all over again” periods is going on with a sudden outbreak of inflation. According to the historical inflation rates table at US Inflation Calculator, we were at 4.2% in April 2021, over 5% May to September, 6.2% in October and 6.8%...
by admin | Dec 30, 2021 | Tax
Almost immediately after I posted my roundup on Section 183 (hobby loss) developments Judge Lauber, Scholar Al, as Lew Taishoff refers to him, dropped a major hobby loss opinion on us- Mitchel Skolnick TCM 2021-139. IRS was looking to deny over $3,000,000 in losses...
by admin | Dec 24, 2021 | History, Tax
Aegis For Dreams sounds like it will be a great movie. It is about the relationship between Alexander Hamilton and George Washington and that relationship’s importance in the American struggle for independence. Lafayette another surrogate son of the childless...
by admin | Dec 22, 2021 | Tax
Pedants object to referring to Code Section 183 – Activities Not Engaged In For Profit – as the “hobby loss rule”, because, strictly speaking it is not just about hobbies. Besides being used against people who want to take deductions for...
