There's a little more to it. I'd rather a taxpayer be aware of the pitfalls than have a nasty surprise.
If the taxpayer meets the presumption rule, the Service can still argue that the activity is not
engaged in for profit; however, the burden of proving that the activity is not engaged in for profit
shifts to the Service. In addition, examiners cannot use IRC § 183(d) as the sole basis for disallowing losses under IRC § 183 even if it is shown that the taxpayer has not met the presumption rule.
https://www.irs.gov/pub/irs-utl/irc183activitiesnotengagedinforprofit.pdf
