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the taxpayers or their advisers; (3) the time and effort expended
by the taxpayers in carrying on the activity; (4) the expectation
that the assets used in the activity may appreciate in value; (5)
the success of the taxpayers 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, which are earned; (8) the financial status of
the taxpayers; and (9) any elements indicating personal pleasure
or recreation. Although these factors are helpful in
ascertaining a taxpayer's objective in engaging in the activity,
no single factor, nor the existence of even a majority of the
factors, is controlling; rather, the facts and circumstances of
the case remain the primary test. Keanini v. Commissioner, supra
at 47.
As pointed out in our underlying opinion, petitioners did
not show a profit for any of the years at issue and sustained
losses from their cattle-raising activity over a 14-year period.
Also, petitioner husband had substantial income from his job in
the natural gas industry. Under the foregoing legal principles,
those and other facts of record were indicative of an activity
not engaged in for profit. Petitioners presented other,
persuasive evidence at trial that indicated that the activity was
engaged in for profit. After analyzing all of the facts and
circumstances of the case, we concluded that petitioners did have
the requisite profit objective.
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