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Which of the following statements is correct with regard to hobby losses? a) A presumption is that an activity is profit seeking if it shows

Which of the following statements is correct with regard to hobby losses?

a) A presumption is that an activity is profit seeking if it shows a profit in five consecutive years

b) Hobby expenses are deductible to the extent of hobby income

c) If interest expense related to a hobby is greater than hobby income, none of the interest is deductible

d) none of the above

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