Posted by JHyre in Ohio on April 23, 2002 at 07:10:44:
Good answers all, I certainly appreciate the help! Allow me to differ on what constitutes a trade or business, as opposed to mere investment activity…I think that the threshhold of required activity is quite low (e.g.- active or material involvement). For you laymen out there, this is important for getting 179 deduction, ordinary losses (on 1231 property) and other issues.
Steve, please keep on posting…perspectives & opinions other than mine on these gray issues are quite valuable.