[Leica] IRS Loses Art Deductibility Ruling

[Ken Carney]

Good facts.  I'm a little surprised the Service picked on that one - 
maybe her definition of business expense was a little expansive. The 
hobby loss cases can be bad in that all the deductions can wind up as 
itemized deductions, resulting in paying alternate minimum tax on the 
gross proceeds.

Ken

On 3/3/2015 11:33 AM, Robert Adler wrote:
> I've always said that if Renoir, Manet, etc had deducted their expenses the
> IRS would disallow the deductions. Seems change is in the wind:
> http://www.nytimes.com/2014/10/07/arts/design/tax-court-ruling-is-seen-as-a-victory-for-artists.html?smid=fb-share&_r=0
>