Supposedly the answer is here:
IRC § 183: Activities Not Engaged in For Profit (ATG)
some more digging required to see where that statement is but it seems like the water is here if the horse wants to drink..........
Re: Must you take all business losses?
Posted by: MadDog (IP Logged)
Date: October 28, 2011 03:57PM
From the IRS Audit Guide (revised 6/2009) for section 183...
Examiners should be alert for situations where the taxpayer may have manipulated income and or expenses to meet the presumption rule determination.