What fishing activities are considered a trade or business?
Services performed after December 31, 1954, by a person on a boat engaged in catching fish or other forms of aquatic life constitute a trade or business if the following conditions are met: An arrangement exists between the person and the owner or operator of the boat whereby the person does not receive any remuneration other than a share of the catch or a share of the proceeds of the sale of the catch; The amount of the share depends on the amount of the catch; and The operating crew of the boat is normally made up of fewer than 10 persons. If all of the conditions are met, with one exception, the person is self-employed.
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