"TaxSrv" wrote in message
...
"C J Campbell" wrote:
The IRS wants to see a profit in three out of five years.

This is no longer true. The IRS lost a series of court cases on this
one,
most notably because huge corporations such as Amazon.com, airlines,
and
investment real estate would have been treated as hobby losses.
Going after
only small businesses was unconstitutional under the equal
protection
clause. Now the IRS uses other tests to determine if an entity is a
business.


I've been in tax practice for 40 yrs now. Sorry, but all of the above
is a complete fabrication.

I guess you are entitled to your opinion, but I also have been in tax
practice for over 40 years.