- 26 -
factors have varying degrees of relevancy depending on the facts
of a particular case, and all factors may not be relevant in a
particular case. S & H, Inc. v. Commissioner, 78 T.C. 234, 243-
244 (1982). Objective factors carry more weight than the tax-
payer's subjective statement of his or her intent. Guardian
Indus. Corp. v. Commissioner, 97 T.C. 308, 316 (1991), affd.
without published opinion 21 F.3d 427 (6th Cir. 1994).
Based on our review of the entire record before us, and in
particular the following facts, we find that petitioner has
failed to establish that he held the drawing in question primar-
ily for sale to customers in the ordinary course of his trade or
business within the meaning of section 1221(1): (1) When peti-
tioner acquired the drawing in question during the early 1970's,
he did not intend to sell it; (2) petitioner conducted research
throughout the 1970's and into the 1980's on the drawings that he
had acquired during the 1970's; (3) during the 1970's, petitioner
did not attempt to sell any of the drawings that he had acquired
during those years; (4) petitioner did not sell any artwork or
collectible, other than the drawing in question, during the
period 1985 through 1994;18 (5) petitioner purchased the drawing
18 Petitioner relies on Stockton Harbor Indus. Co. v. Commis-
sioner, 216 F.2d 638 (9th Cir. 1954), to support his contention
that, notwithstanding the absence of any sales of drawings by
petitioner other than the drawing in question, he held the
drawing in question primarily for sale to customers in the
ordinary course of his trade or business. We find that case to
be distinguishable and petitioner's reliance on it to be mis-
placed. In the Stockton Harbor Indus. Co. case, the Court of
(continued...)
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