Which of the Following Factors Are Used to Aid in Determining

Multiple Choice

Which of the following factors are used to aid in determining whether an activity that earns income is profit motivated and should be treated as a business or is subject to the hobby loss rules?
I.The taxpayer's financial status.
II.Elements of personal pleasure derived from the activity.
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A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.