Passing Hobby Loss Test Does Not Insure Deductibility of Ranch Losses
Abstract
In the great majority of cases involving the deduction of hobby losses, a holding that the taxpayer proved an intent to make a profit determined that losses from a farm or ranch were deductible against other income. In a recent Tax Court case, the taxpayers discovered that compliance with the hobby loss rules did not guarantee deductibility of their substantial ranching losses.
How to Cite:
Achenbach, R. P., (2018) “Passing Hobby Loss Test Does Not Insure Deductibility of Ranch Losses”, Agricultural Law Digest 29(13), 97–98.
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