Derril O. Lamb, Jr. and Joyce Lamb - Page 17

            to be classified as not engaged in for profit”.  Sec. 1.183-                                  
            2(b)(9), Income Tax Regs.  Congress did not require that                                      
            taxpayers dislike an activity as a prerequisite to a finding that                             
            they are engaged in the activity for profit.  Crail v.                                        
            Commissioner, T.C. Memo. 1993-40.  The Lu-Joy was equipped as a                               
            commercial fishing boat, and Mr. Lamb did not use the Lu-Joy for                              
            recreational purposes.  We believe that Mr. Lamb was a fisherman                              
            whose purpose was to earn money from the sale of tuna.                                        
                  Based on a consideration of all the above factors and having                            
            heard Mr. Lamb’s testimony at trial, we believe that his primary                              
            objective for engaging in fishing activity during 1990 and 1991,                              
            was to make a profit.  Takahashi v. Commissioner, 87 T.C. 126,                                
            132 (1986); Thomas v. Commissioner, 84 T.C. 1244, 1269 (1985),                                
            affd. 792 F.2d 1256 (4th Cir. 1986); Seaman v. Commissioner, 84                               
            T.C. 564, 588 (1985); Allen v. Commissioner, 72 T.C. at 33; Dunn                              
            v. Commissioner, 70 T.C. 715, 720 (1978), affd. 615 F.2d 578 (2d                              
            Cir. 1980); Jasionownski v. Commissioner, 66 T.C. at 319.  Rising                             
            tuna prices enticed Mr. Lamb to purchase the Lu-Joy and reenter                               
            the tuna fishing business in 1988.  We find Mr. Lamb’s testimony                              
            that he thought he “was going to make a killing” credible.                                    
            Unfortunately, Mr. Lamb’s eyesight deteriorated due to his                                    
            diabetic retinopathy.6                                                                        

                  6At trial, Mr. Lamb testified that “I’d come in and talk                                
            with some of the other fishermen on the dock at night and they                                
            had seen fish, a school of fish here and a school of fish                                     

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