Section 45IAC3.1-1-30. Trade or business construed

   Whether An Activity Is A "Trade or Business". For purposes of determining whether income is derived from an activity which is in the regular course of the taxpayer's trade or business, the expression "trade or business" is not limited to the taxpayer's corporate charter purpose of its principal business activity. A taxpayer may be in more than one trade or business and derive business therefrom depending upon but not limited to some or all of the following:

  (1) The nature of the taxpayer's trade or business.

  (2) The substantiality of the income derived from activities and transactions and the percentage that income is of the taxpayer's total income for a given tax period.

  (3) The frequency, number, or continuity of the activities and transactions involved.

  (4) The length of time the property producing income was owned by the taxpayer.

  (5) The taxpayer's purpose in acquiring and holding the property producing income. (Department of State Revenue; Reg 6-3-1-20(020); filed Oct 15, 1979, 11:15 am: 2 IR 1522; errata, 2 IR 1743)