Section A (1 Mark)An activity is presumed to be a profit-making activity rather than a...

AAFM CWM_LEVEL_2 Question Answer

Section A (1 Mark)

An activity is presumed to be a profit-making activity rather than a hobby if the

Activity shows a profit for any three out of five years, ending with the tax year in question.

Activity shows a profit for any two out of five years, ending with the tax year in question.

Taxpayer conducts the activity with some expertise.

Taxpayer conducts the activity in a businesslike manner.

CWM_LEVEL_2 PDF/Engine

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