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Leonardo has published books as a hobby for at least the past 7 years. Because he is not a big fan of the current tax
Leonardo has published books as a hobby for at least the past 7 years. Because he is not a big fan of the current tax firm, Leonardo approached Camila, tax attorney, to review his past tax returns. Upon review, Camila saw that Leonardo's hobby had 1 year of losses and 4 years of profits over the 5 -year period ending with the current tax year. Is Leonardo's activity still a hobby? A) Not certain. More information is required. B) Yes, it is still a hobby. C) No, it is not a hobby. Thus, it is a business. D) None of the above
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