Say you have a business that makes lots of money.
Say you have another activity, a second activity, that loses money every year for 24 years. Is this second activity a nondeductible personal hobby?
The IRS thought so!
Benny Mullins grew up on a small farm in Virginia. He dreamed of owning his own cattle farm one day.
In his successful toolmaking business, he earned enough money to buy farms and launch his cattle business.
In the beginning, Mr. Mullins worked on ... Log in to view full article.