Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

hobby loss

A nondeductible loss arising from a personal hobby, as contrasted with an activity engaged in for profit. ( The law generally presumes that an activity is engaged in for profit if profits are earned during at least three of the last five years. IRC (26 USCA) § 183. indirect lossSee consequential loss.

hobby loss.

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