So far in 2025, we’ve had three decisions focused on Code Section 183 , commonly known as the hobby loss rule, although the pedantic will point out that it actually concerns “activities not entered into for profit” be they hobby-like or not. Not surprisingly two of them are about horse breeding. We will take them in order, which let’s us start off with a taxpayer win. There is also a well covered collection case that has a hobby loss angle that I don’t see anybody else mentioning. Prospect Of Appreciation Fredenberg v Comm. 2025 TCS 1 (the first summary opinion…

Tariffs. Inflation. Economic chaos. Bring it on, says Miles Lewis, manager of a portfolio of quirky stocks that, he says, are better equipped than the average stock to weather a tumultuous time in the U.S. economy. Recession? That should send shoppers for sporting goods out of high-class vendors to the down-market chain he favors. Rising interest rates? A steeper yield curve would benefit the venerable savings bank in which Lewis has a stake. Economic uncertainty? That will make it hard for municipalities to sell bonds, so they will be patronizing a bond insurer he likes. Lewis runs $1.5 billion, most…