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respondent also raised the issue of whether petitioner materially
participated in the activity of CDI for 1990 and 1991 under the
"facts and circumstances" test of section 1.469-5T(a)(7),
Temporary Income Tax Regs., 53 Fed. Reg. 5726 (Feb. 25, 1988).
On brief, however, respondent did not address this argument and
is taken to have abandoned this position. See Rybak v.
Commissioner, 91 T.C. 524, 566 n.19 (1988).)
Section 1.469-5T(f)(4), Temporary Income Tax Regs., 53 Fed.
Reg. 5727 (Feb. 25, 1988), provides that taxpayers can establish
the extent of their participation in an activity "by any
reasonable means." Reasonable means "may include, but are not
limited to the identification of services performed over a period
of time and the approximate number of hours spent performing such
services during such period, based on appointment books,
calendars, or narrative summaries." Sec. 1.469-5T(f)(4),
Temporary Income Tax Regs. In that respect, "Contemporaneous
daily time reports, logs, or similar documents are not required
if the extent of * * * participation may be established by other
reasonable means." Sec. 1.469-5T(f)(4), Temporary Income Tax
Regs., supra (emphasis added).
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