Racing Without a Profit Objective and Crashing into Section 183: Zidar v. Commissioner

In Zidar v. Commissioner, a taxpayer who spent in excess of $100,000 to build a stock car for the American Speed Association's 1992 racing season, obtained only $5,571 in sponsorship money, and destroyed the car in the first race was found to lack the required profit objective for purposes of section 183. ...

Bronson J. Bigelow