Manganello, who oversees an internal venture capital fund that provides engineers with seed money to chase their half-baked ideas.

FORBES: Free To Fail

So he advises clients, gratis, on setting up internal corporate venture capital funds, hoping to get a return on that investment of time, with paid assignments later.

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With a mortgage, you are sure to run a net loss that could lead the Internal Revenue Service to declare your venture a nondeductible hobby.

FORBES: Self-Employment

These arrangements enable a broader exposure to venture without having to build an internal team.

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Each puts his share of the new venture in his trust and sends the Internal Revenue Service 35% of the then negligible value of his shares.

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So some people might be surprised at my latest venture: retrofitting the plug-in hybrid Fisker Karma with a powerful internal combustion engine.

FORBES: Why I'm 'Desecrating' Fisker's Beautiful Electric Sedan With A Brawny Gasoline Engine

When a high-flying venture capitalist showed net losses year after year while trying to establish his business, the Internal Revenue Service moved in with questions.

FORBES: Audits: The IRS' Big Stick