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Bruce Hopkins in 650 Essential Nonprofit Law Questions answered takes a different perspective (Q1:4). He writes:
“the law uses the term not-for-profit to apply to an activity rather than an entity. For example, the federal tax law denies business expense deductions for expenditures that are for a non-for-profit activity. Basically, this type of activity… is essentially a hobby.”
I’m wondering how you would respond to his interpretation?
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