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Cir. 1990); Ronnen v. Commissioner, 90 T.C. 74, 91 (1988);
Dreicer v. Commissioner, 78 T.C. 642, 645 (1982), affd. without
published opinion 702 F.2d 1205 (D.C. Cir. 1983). While a
reasonable expectation of profit is not required, petitioners'
profit objective must have been bona fide. Hulter v.
Commissioner, 91 T.C. 371, 393 (1988); Taube v. Commissioner, 88
T.C. 464, 478-479 (1987); Beck v. Commissioner, 85 T.C. 557, 569
(1985); Dunn v. Commissioner, 70 T.C. 715, 720 (1978), affd. 615
F.2d 578 (2d Cir. 1980).
Whether petitioners possessed the necessary profit objective
is a question of fact to be resolved on the basis of all the
facts and circumstances of the particular case at hand. Golanty
v. Commissioner, 72 T.C. 411, 426 (1979), affd. without published
opinion 647 F.2d 170 (9th Cir. 1981); Dunn v. Commissioner, supra
at 720. Petitioners here bear the burden of proof on this issue.
Rule 142(a); Welch v. Helvering, 290 U.S. 111 (1933). Greater
weight is given to objective facts than a taxpayer's statement of
intent. Independent Elec. Supply, Inc. v. Commissioner, 781 F.2d
724 (9th Cir. 1986), affg. Lahr v. Commissioner, T.C. Memo. 1984-
472; Beck v. Commissioner, supra at 570; Thomas v. Commissioner,
84 T.C. 1244, 1269 (1985), affd. 792 F.2d 1256 (4th Cir. 1986);
Dreicer v. Commissioner, supra.
Section 1.183-2(b), Income Tax Regs., provides a
nonexclusive list of factors to consider in determining whether
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