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This newspaper page contains 2 articles. Subscribers can read the full text of each article.
Newspaper
Monahans News
Location
Monahans, Texas, United States of America
Date
Aug 25, 1966
Page
7
The article explains when hobby activities or side ventures can be deducted from income taxes. If the activity is a pure hobby, expenses are not deductible. if pursued for profit, deductions are allowed. When pleasure and profit mix, the stronger profit motive determines deductibility.
A court clarifies tax rules noting that profit motive, professional methods, and substantial income support business deductions. It contrasts stamp collectors and photographers who profit with writers producing little income and Persian cat breeders with minimal production, stressing that devotion alone does not justify a business deduction.
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