Sports Memorabilia Activity Not Engaged in With Profit Intent.

Date of decision:

The petitioner operated a sports memorabilia activity that he claimed occupied 12 hours of his time daily, seven days a week.  The court didn't believe him because he had a different full-time job.  The court also noted that the petitioner didn't have any expertise in the sports memorabilia business.  Similarly, the petitioner did not follow accepted business practices, did not insure his inventory and didn't operate the activity in a business-like manner.  Akey v. Comr., T.C. Memo. 2015-227.

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