THE IRS HAS TAKEN MY TRANSACTIONS VIA PAYPAL AND IDENTIFIED THEM AS TAXABLE INCOME

by the way, good governance practices at firms of that size have an independent third party do your taxes. Ask me how I know…

@taxguy gets award for sane guy on the thread

question for the Law and Order ( except taxes ) crowd; Is the esteemed private school Liberty University ? 

to the OP, if you really do run a $1b business ( I did ), then i would advise corresponding with the IRS in written form only !

Attach a note to reply to IRS asking if a Manhatten condo, his and her Mercedes and private school for the kids counts as…. Wait for it…. Income 

you got good advice, claim hobby, document w receipt s the net loss and await a reply.