11. Question 9 (10 points) Indicate whether the statement below is TRUE or FALSE and include a brief explanation for your answer. Where possible, refer to sources of law. It is apparent from case law decisions on whether a taxpayer is carrying on a business that a profit-making intention is an important indicator of business. It follows that if the taxpayer's activity is recording losses in the early years of operation, there cannot be a business until a profit is recorded in a later tax year. Paragraph BI U mv +v