A New York State Administrative Law Judge has rejected the Department’s claim that an S corporation’s activities were not engaged in for profit, and that therefore its individual owners could not deduct losses from the S corporation on their State resident income tax returns. Applying the various factors used by the courts and contained in federal tax regulations in determining whether an activity is engaged in for profit within the meaning of IRC § 183, the ALJ concluded that the weight of the evidence supported the taxpayers’ position that the antiques business and real estate activities of the S corporation were engaged in for profit and not as a hobby. Matter of Steve and Linda Horn, DTA No. 825333 (N.Y.S. Div. of Tax App., July 2, 2015).