Deriving a Profit in Three Consecutive Years Is Not Irrefutable

question 151

True/False

Deriving a profit in three consecutive years is not irrefutable evidence that an activity is profit seeking and not a hobby.

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Definitions:

Theories

Systematically organized principles or explanations that provide understanding, prediction, and control of phenomena.

Reductionism

The approach of analyzing and describing a complex phenomenon in terms of its simplest or most fundamental constituents.

Association

A mental connection or relation between thoughts, ideas, or concepts, often formed through experience or learning.

Innate Ideas

Concepts and knowledge that are argued to be inborn or naturally present in the mind, rather than acquired through experience.