Income Tax Issues
Hobby Losses under IRC § 183

Huff v. Commissioner
T.C. Memo. 2021-140

On December 21, 2021, the Tax Court issued a Memorandum Opinion in the case of Huff v. Commissioner (T.C. Memo. 2021-140). The primary issue presented in Huff was whether the petitioners’ miniature donkey breeding operation was an activity engaged in for profit within the meaning of IRC § 183. Held: Actually, yes. Author’s Note on Huff v. Commissioner Judge Patrick J. Urda (who delivered this opinion) was a Classics major at Notre Dame, where he

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Scott St. Amand April 26, 2022
Taxing, Briefly
Accessions to Wealth

Taxing Social Media Influencers – Taxing, Briefly

Harsh Truths Taxing social media influencers? Way harsh, we know. Influencers have it tough anyhow, what with having to photograph everything they eat, or wear, or sneeze on.  Nevertheless, your fearless editors at Briefly Taxing thought it prudent to discuss some harsh truths about getting your money for nothing (and your “gifts” for free)—just in case you were thinking about getting into the social media influencing gambit. In this post, we won’t cast aspersions against

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Scott St. Amand May 21, 2021
Taxing, Briefly
Bitcoin

Taxation of Cryptocurrency, a Primer – Taxing, Briefly

In the 36 years I have been on this mortal plane, I can’t remember ever thinking I was, as the kids say (or said in the 1990s) hip.  In full candor, the only time your fearless editor uses the word is when I explain to my sprightly wife that my hip hurts because it’s going to rain, and I’ve been sitting on the lawn chair on my porch too long, yelling at the whippersnappers to

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Scott St. Amand May 20, 2021
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Huff v. Commissioner
T.C. Memo. 2021-140

On December 21, 2021, the Tax Court issued a Memorandum Opinion in the case of Huff v. Commissioner (T.C. Memo. 2021-140). The primary issue presented in Huff was whether the petitioners’ miniature donkey breeding operation was an activity engaged in for profit within the meaning of IRC § 183. Held:

Read More »
Scott St. Amand April 26, 2022

Taxing Social Media Influencers – Taxing, Briefly

Harsh Truths Taxing social media influencers? Way harsh, we know. Influencers have it tough anyhow, what with having to photograph everything they eat, or wear, or sneeze on.  Nevertheless, your fearless editors at Briefly Taxing thought it prudent to discuss some harsh truths about getting your money for nothing (and

Read More »
Scott St. Amand May 21, 2021