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Nick, a tax lawyer and avid fisherman, owned a 60-foot yacht which he used to go fishing. Several years ago, he took advantage of an

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Nick, a tax lawyer and avid fisherman, owned a 60-foot yacht which he used to go fishing. Several years ago, he took advantage of an opportunity to purchase a commercial fishing licence. He rescheduled other commitments sa he could spend every second weekend fishing. His crew comprised his sons. David and Michael, and a couple of their acquaintances. Usually. Nick and his crew were successful and caught a lot of fish. The crew were paid with fish and the remaining fish were sold to a fish wholesaler. Nick had not conducted any research into the market or methods of fishing. He fisteed for the best sport fish and was not concerned with finding fish with the best market returns. Nick had no business plan and was not particularly worried whether his costs were covered by the sale of the fish or not. Further, trips were only made in sunny conditions, Was Nick carrying on a business of fishing? Nick, a tax lawyer and avid fisherman, owned a 60 -foot yacht which he used to go fishing. Several years ago, he took advantage of an opportunity to purchase a commercial fishing licence. He rescheduled other commitments so he could spend every second weekend fishing. His crew cormprised his sons. David and Michael, and a couple of their acquaintances. Usually, Nick and his crew were successful and caught a lot of fish. The crew were paid with fish and the remaining fish were sold to a fish wholesaler. Nick had not conducted any research into the market or methods of fishing. He fished for the best 5 port fish and was not concerned with finding fish with the best market returns. Nick had no business plan and was not particularty worried whether his costs were covered by the sale of the fish or not. Further, trips were only made in sunny conditions. Was Nick carrying on a business of fishing

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