Course Description:This is a basic–level course covering Internal Revenue Code § 183. In general, the Internal Revenue Code does not allow deductions that arise from activities that are not engaged in for profit, but it does provide special “hobby loss” rules for the allowance of deductions in the case of such activities by individuals and S corporations. This course focuses on the two main issues of I.R.C § 183. First, it explores the “tier system” where deductions are allowed without regard to whether the activity is engaged in for profit. Second, the course examines the presumption that an activity is engaged in for profit if certain requirements are met.
Course Level: Basic
Course Prerequisites: None
Delivery Method: Self-study
After completing this course you will be able to achieve the following learning objectives: