(Solved): A taxpayer is a part time gold prospector who occasionally finds and sells gold. The taxpayer claims ...

A taxpayer is a part time gold prospector who occasionally finds and sells gold. The taxpayer claims deductions for his prospecting which is generally more than any income that he makes. Which of the following statements is correct? a. Any taxpayer who is conducting any type of money making activity can write off their losses against other income. b. The taxpayer might not be able to write off losses because of the non-commercial provisions of Div 35.