on 7/12/01 4:16 PM, Bill Stanke at bstanke@xxxxxxxxxxxx wrote:
> Jim:
>
> Technically, the actual term is "an activity not engaged in for
> profit". The presumption is that the activity is a business if the
> activity generates a profit for two years out of five (seven in the case
> of activities involving horses, such as horse racing or breeding).
>
> The presumption can be overcome if the taxpayer can demonstrate an
> intent to generate a profit. The case law if full of examples where the
> taxpayer prevailed, even though they failed the two out of five (seven)
> year test.
>
> A medical expense is deductible if the expense is incurred for the
> "diagnosis, cure, mitigation, treatment, or prevention of disease or for
> the purpose of affecting any structure or function of the body".
>
> I am currently researching the tax implications regarding the care and
> treatment of Zuikoholicism. My initial reaction is that we are indeed a
> bunch of sick b*st*rds!
>
> Bill Stanke, CPA
Bill - as a single, non-homeowning wage earner, I need all the deductions I
can get. I'm sure I speak for many as I say "Keep working out those
Zuikoholicism tax implications!". I'm sick, and I need all the help I can
get... as well as some big tax deductions!
--
Jim Brokaw
OM-1's, -2's, -4's, (no -3's yet) and no OM-oney...
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