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Golanty v. 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
intent, and that the Commissioner's determination that the
activity was 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 objective 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
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