Big Tax News!

Hobby Loss Regulations Reconsidered

In an order entered today in the Schwarz case (discussed in prior issues of the Rural Practice Digest) the U.S. Tax Court today granted the taxpayers’ motion for reconsideration of the factual findings in a case that the Tax Court decided in May. The Tax Court has ordered the parties to file responses to the order arguing whether Treasury Regulations §§ 1.183-1(d)(1) and 1.183-2(b) are valid or not in light of the Supreme Court’s opinion in Loper Bright Enterprises, et al. v. Raimondo which repealed the Chevron Doctrine.