Petition of the day

Issue: (1) Whether the First Circuit erred by holding (contrary to decisions of the Seventh and D.C. Circuits) that trade or business status under ERISA should be governed by a novel, multi-factor investment plus-like test rather than by this Courts decisions defining trade or business status for purposes of Section 162(a) of the Internal Revenue Code; and (2) whether the First Circuit erred by holding, contrary to Whipple v. Commissioner that an entity that solely makes investments and manages the businesses in which it has invested is a trade or business.