three-of-five test
A rebuttable IRS presumption that a business venture that does not make a profit in three out of five consecutive years of operation is a hobby and not a business for tax purposes. Not meeting this test has significant tax consequences because businesses can take advantage of many tax benefits and advantages that hobbies do not get.
Category: Business, LLCs & Corporations

Nolo’s Plain-English Law Dictionary. . 2009.

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