Carl Jones spent about 6.5 hours a day, five days a week studying and executing stock trades in his day-trader activity. To improve his profits, Mr. Jones attended the five-day, one-on-one personal training from DayTradingCourse.com in Cartersville, Georgia.

Mr. Jones spent $6,053 on this course as follows:

$5,247 for the course,

$417 for lodging (five inexpensive nights),

$224 for round-trip travel (drove his vehicle),

$145 for food (less than $30 a day), and

$20 for a course book.

The Deadly Concession

At trial, Mr. Jones conceded that he was not in the business of day-trading. This concession made Mr. Jones an investor for tax purposes.

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