Multiple Choice
For the years 2013 through 2017 (inclusive) Max,a surgeon,has been involved in bowling competitions.Only in 2016 and 2017 did his revenue exceed the expenses from the activity.Which statement is correct?
A) The activity is a business.The IRS cannot prove it is a hobby.
B) The activity is a hobby.Max cannot prove it is a business.
C) The activity is presumed to be a business.However,the IRS may prove it is a hobby.
D) The activity is presumed to be a hobby.However,Max may prove it is a business.
Correct Answer:
Verified
Correct Answer:
Verified
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