Horse Breeders Win In Tax Court
(1) The manner in which the taxpayer carries on the activity;
(2) the expertise of the taxpayer in carrying on the activity;
(3) the time and effort expended by the taxpayer in carrying on the activity;
(4) the expectation that assets used in the activity may appreciate in value;
(5) the success of the taxpayer in carrying on other similar or dissimilar activities;
(6) the taxpayer’s history of income or loss with respect to the activity;
(7) the amount of occasional profits, if any, which are earned by the taxpayer;
(8) the financial status of the taxpayer;
(9) elements of personal pleasure or recreation
Wandering Tax Pro Meanders to Forbes
Originally Published on forbes.com on August 11th, 2011 ______________________________________ When I started tax blogging in earnest, I was very pleased by the...
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.