Re: Ed Miller\'s Tax Article
[ QUOTE ]
the court (6-3) held that "(I)f one's gambling activity is pursued full time, in good faith, and with regularity, to the production of income for a livelihood, and is not a mere hobby, it is a trade or business within the meaning of the statutes with which we here are concerned."
[/ QUOTE ] (emphasis added)
[censored]. How legally important is that reference to full time? Does this imply that the activity must provide a majority of the individual's income? Does it also imply that the activity must be pursued an average of 40 hours a week (or is there some other definition of "full time" in the U.S. Code?
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