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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 by the
taxpayer 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, which are
earned; (8) the financial status of the taxpayer; and (9) whether
elements of personal pleasure or recreation are involved. Not
all of these factors are applicable in every case, and no one
factor is controlling. Taube v. Commissioner, 88 T.C. 464, 479-
480 (1987); Abramson v. Commissioner, 86 T.C. 360, 371 (1986);
Allen v. Commissioner, 72 T.C. at 34. No one factor nor a
majority of the factors is determinative, and we do not reach our
conclusion by merely counting the factors that support each
party's position. Taube v. Commissioner, supra at 480; Dunn v.
Commissioner, supra at 720.
1. The Manner in Which the Taxpayer Carries On the Activity
Petitioner contends that he conducted his activity in a
businesslike manner. However, petitioner did not maintain
adequate and accurate books of accounts and records of income and
expenses of the metal mining and refining activities. Petitioner
testified that he maintained timely contemporaneous records of
his activities. However, the extensive and businesslike records
of sales of mercury which only go up to 1988 is not duplicated
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