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Hobby Losses and Movies: Lee and William Storey v. CIR, T.C. Memo. 2012-115 (4/19/2012) by Jasper L. (Jack) Cummings
Alston & Bird LLP - Durham Office
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May 1, 2012
Previously published on May 1, 2012
This new Tax Court decision allows a lawyer to avoid the hobby loss rule and currently deduct the costs of making a documentary movie that might be said to be “for fun,” and interprets for the first time Section 181 (enacted in 2004), which permits deduction rather than capitalization of domestic movie production costs.
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