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in the tuna fishing business. Between 1983 and 1987, Mr. Lamb
was not engaged in the business of fishing but continued to go
out on the sea with young fishermen who sought to learn from Mr.
Lamb the skill of harpooning tuna. In 1988, rising tuna prices
enticed Mr. Lamb to purchase the Lu-Joy and return to the sea to
harpoon tuna.
(3) Time and Effort Expended by the Taxpayer in Carrying on
the Activity
On brief, respondent points out that Mr. Lamb’s log
indicates that he made only 15 and 12 fishing trips in 1990 and
1991, respectively. However, Mr. Lamb testified that although
the tuna fishing season in Maine typically runs from June 15
through September 30, there are usually only 15 to 20 days per
season when the weather conditions are such that it would be
worthwhile to go out on the sea to harpoon tuna. As Mr. Lamb
testified: “The rest of the time you could go for a boat ride,
you could go hope you could see a fish jump, [but] you wouldn’t
have a ghost of a chance of catching a fish, and I just wouldn’t
go those days.”
(4) Expectation That Assets Used in the Activity May
Appreciate in Value
There is no evidence in the record that Mr. Lamb held the
Lu-Joy with any expectation that it would appreciate in value.
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