Comment: I have learned over the years

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In reply to comment: IRS pub. 525 pg. 32 (see in situ)

I have learned over the years

it is pointless to discuss taxation with taxpaying big government enablers. Enablers do what they do best ... enable big government addiction.

Do not do anything in your own name. The system is rigged for corporations because corporations can have so called legitimate expenses whereas an individual is ineligible for a payroll expense to self.

That said let's consider the scenario above.

Your corporation sold a painting on an online auction website for $100.
Your corporation acquired the painting for $20 at a garage sale years ago.
Your corporation had travel, fuel, and labor expenses to acquire the painting.
Your corporation had a payroll expense for the labor and time to acquire the painting.

Your corporation had a net loss of $x.xx after corporate vehicle, insurance, travel, fuel, payroll, shipping, auction fees, and all other expenses than can be carried over for 10 years.

If the legal system is going to presume you are using a citizen title 24/7/365 one may as well incorporate and live their life 24/7/365 wearing a corporate mask of employee, president, etc. instead to take advantage of all the expenses and deductions an individual is legally prohibited from claiming. If the legal system is going to unjustly presume one must obtain a license or registration for every activity because they are on the citizen clock whether they are getting paid or not I suggest one take advantage of the corporate structure where all those fees and the labor involved to acquire them are deductable.

If your corporation suddenly has a liability such as profit or a suit ... do like everyone else does. Go out of business and start a new corporation. Own everything in one corporation and lease it to the corporation with all of the liability exposure to consumers. Play the game the same way the big boys do.

Furthermore if you need a product or business idea ... try the business of selling liberty. Every lunch is a networking business event. Every meeting an expense while you are on the clock trying to sell liberty. Reinvent the Campaign for Liberty and make it what it ought to be, a for profit business venture which carries over a net loss until the ideas of liberty become popular and profitable. Reinvent Daily Paul where corporate liberty business owners can subscribe to blog and deduct the fees and payroll expense to post.