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Section 1.183-2(b), Income Tax Regs., provides a list of
factors to be considered in the evaluation of a taxpayer's profit
objective: (1) The manner in which the taxpayer carries on the
activity; (2) the expertise of the taxpayer or his advisers; (3)
the time and effort expended in carrying on the activity; (4) the
expectation that assets used in the activity 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 from the activity; (7) the amount of occasional
profits, if any, from the activity; (8) the financial status of
the taxpayer; and (9) elements of personal pleasure or
recreation. The number of factors for or against the taxpayer is
not necessarily determinative, but rather all facts and
circumstances must be taken into account, and more weight may be
given to some factors than to others. Cf. Dunn v. Commissioner,
70 T.C. 715, 720 (1978), affd. 615 F.2d 578 (2d Cir. 1980). This
list is nonexclusive, and no single factor or even a majority of
factors necessarily controls. Abramson v. Commissioner, 86 T.C.
360, 371 (1986); sec. 1.183-2(b), Income Tax Regs.
After weighing all of the objective factors coupled with
petitioner's statements of intent, we conclude that the
Dickersons were not engaged in the tree farming activity for
profit. There is objective evidence which shows that the
Dickersons did not have a profit objective in carrying on the
tree farming business: The Dickersons gave away many trees; no
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