Using CCH IntelliConnect, perform a keyword search on the topic of making an election to defer the determination of whether an activity is not engaged in for profit (hobby) until after the fourth year. Use the following terms: hobby election defer
a. Use the Standard Federal Tax Reporter and the Tax Research Consultant and perform the search separately in each; then use the Standard Federal Tax Reporter and the Tax Research Consultant together in the same search. Which approach provided the best search results for finding the applicable tax law?
b. Use the results of the previous search, links, and related documents buttons to identify the Code section applicable to this issue.
c. How does the Code section answer the question regarding how the make the election?
d. Using the Related Documents button for Regulations, what does Reg. § 1.183-3 say about making the election?
e. Which regulation discusses the election, and what is the status of the regulation? When was it issued?