-13- 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011