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recreation involved in the activity. These factors are not
merely a counting device where the number of factors for or
against the taxpayer is determinative, but rather all facts and
circumstances must be taken into account, and more weight may be
given to some factors than to others. Cf. Dunn v. Commissioner,
70 T.C. 715, 720 (1978), affd. 615 F.2d 578 (2d Cir. 1980). Not
all factors are applicable in every case, and no one factor is
controlling. Abramson v. Commissioner, 86 T.C. 360, 371 (1986);
Allen v. Commissioner, 72 T.C. 28, 34 (1979); sec. 1.183-2(b),
Income Tax Regs.
In considering the objective factors relevant to this case,
the Court is satisfied, based on the record, that petitioner has
not sustained his burden of establishing that he conducted his
horse racing activity with an actual and honest objective of
making a profit in 1990. Petitioner did not present any
documentary or other evidence to show that his activity was
carried on in a businesslike manner or that he maintained
complete and accurate books and records of the activity. Nor did
petitioner present any evidence of the amount of time he expended
on the activity. On the other hand, it is clear from the record
that petitioner's employment with Allied was full time. Further,
the Court cannot ignore the fact that petitioner realized only
nominal gross income and never realized a profit from the
activity over the period from 1985 to 1990 and thereafter.
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