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collection of income, or for the management, conservation, or
maintenance of property held for the production of income. With
respect to either section, however, the taxpayer must demonstrate
the requisite profit objective for the activities in order to
deduct associated expenses. Jasionowski v. Commissioner, 66 T.C.
312, 320-322 (1976); sec. 1.183-2(a), Income Tax Regs. The
profit standards applicable to section 212 are the same as those
used in section 162. See Agro Science Co. v. Commissioner, 934
F.2d 573, 576 (5th Cir. 1991), affg. T.C. Memo. 1989-687;
Antonides v. Commissioner, 893 F.2d 656, 659 (4th Cir. 1990),
affg. 91 T.C. 686 (1988); Allen v. Commissioner, 72 T.C. 28, 33
(1979); Rand v. Commissioner, 34 T.C. 1146, 1149 (1960).
Whether the required profit objective exists is to be
determined on the basis of all the facts and circumstances of
each case. Hirsch v. Commissioner, 315 F.2d 731, 737 (9th Cir.
1963), affg. T.C. Memo. 1961-256; Golanty v. Commissioner, 72
T.C. 411, 426 (1979), affd. without published opinion 647 F.2d
170 (9th Cir. 1981); sec. 1.183-2(a), Income Tax Regs. While the
focus of the test is on the subjective intention of the taxpayer,
greater weight is given to the objective facts than to the
taxpayer's mere statement of his or her intent. Independent
Elec. Supply, Inc. v. Commissioner, 781 F.2d 724, 726 (9th Cir.
1986), affg. T.C. Memo. 1984-472; Dreicer v. Commissioner, 78
T.C. 642, 645 (1982), affd. without opinion 702 F.2d 1205 (D.C.
Cir. 1983); sec. 1.183-2(a), Income Tax Regs. Petitioner bears
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