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Commissioner, 72 T.C. 411, 426 (1979), affd. without published
opinion 647 F.2d 170 (9th Cir. 1981); sec. 1.183-2(b), Income Tax
Regs. Greater weight is to be given to the objective facts than
to the taxpayer's mere statement of his intent. Dreicer v.
Commissioner, supra at 645; sec. 1.183-2(a), Income Tax Regs.
The taxpayer has the burden of proving the requisite intention
and that respondent's determination that the activities were not
engaged in for profit is incorrect. Rule 142(a); Welch v.
Helvering, 290 U.S. 111 (1933).
Although the question of the taxpayer's profit motive is a
subjective one, objective indicia may be considered to establish
the taxpayer's true intent. Sec. 1.183-2(a), Income Tax Regs.
Section 1.183-2(b), Income Tax Regs., sets forth a nonexclusive
list of nine objective factors to be considered when ascertaining
a taxpayer's intent. These factors are: (1) The manner in which
the taxpayer carries on the activity; (2) the expertise of the
taxpayer or his advisers; (3) the time and effort expended by the
taxpayer in carrying on the activity; (4) the expectation that
the assets used in the activity may appreciate in value; (5) the
success of the taxpayer in carrying on other similar or
dissimilar activities; (6) the taxpayer's history of income or
losses with respect to the activity; (7) the amount of occasional
profits, if any; (8) the financial status of the taxpayer; and
(9) the elements of personal pleasure or recreation involved in
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