Bronson v. Comr., T.C. Memo. 2012-17

(petitioner's horse-related activity not engaged in for profit; petitioner was bankruptcy lawyer whose wife was a college professor; petitioner had no prior experience in horse activities; significant time involved in the activity; no expectation that asset values would increase; no evidence of success in related activities; lengthy period of substantial losses and only occasional profits; elements of personal pleasure present).

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