TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

A Member of the Law Professor Blogs Network

Wednesday, March 21, 2012

Tax Court to Major Tom: Mars Exploration is a Hobby, Not a Business

Barker v. Commissioner, T.C. Memo. 2012-77 (Mar. 20, 2012):

We do not fault petitioner's strong passion for Mars exploration and its related technology. We believe he pursues a noble cause that one day could provide benefits to all humanity. However, passion is not synonymous with a profit motive. In the absence of other factors supporting his passion, we do not believe this factor supports a finding of a profit motive.

http://taxprof.typepad.com/taxprof_blog/2012/03/tax-court-1.html

Tax | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341c4eab53ef0167640f3a70970b

Listed below are links to weblogs that reference Tax Court to Major Tom: Mars Exploration is a Hobby, Not a Business:

Comments