TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

A Member of the Law Professor Blogs Network

Tuesday, November 30, 2004

"Changes in Latitudes, Changes in Deductions": Jimmy Buffett and Matt Lauer Discuss Hobby Loss Rules on the Today Show

Buffet TodayMatt Lauer's interview of Jimmy Buffett this morning on the Today Show provides a nice vignette for the classroom on the ยง 183 hobby loss rules. At around the 1:50 mark of this clip, Buffett explains how he sailed around the Caribbean for 5 years as research for his new book, A Salty Piece of Land:

  • Lauer: It's a scam. Because you call it research, you get to deduct all these trips.
  • Buffett: It's a job.

(Thanks to Bill Kulsrud (Indiana-Indianapolis, Business School) for the tip.)

http://taxprof.typepad.com/taxprof_blog/2004/11/changes_in_lati.html

Teaching | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341c4eab53ef00d834334ad653ef

Listed below are links to weblogs that reference "Changes in Latitudes, Changes in Deductions": Jimmy Buffett and Matt Lauer Discuss Hobby Loss Rules on the Today Show :

Comments

Guess someone needs to introduce Buffett to the Carters. T.C.M. 1978-202.

Posted by: Jim Maule | Nov 30, 2004 12:58:42 PM