- 26 - a bona fide profit objective must exist. See Keanini v. Commissioner, 94 T.C. 41, 46 (1990); Hulter v. Commis- sioner, 91 T.C. 371, 393 (1988); Beck v. Commissioner, 85 T.C. 557, 569 (1985); Dreicer v. Commissioner, supra; Golanty v. Commissioner, 72 T.C. 411, 425-426 (1979), affd. without published opinion 647 F.2d 170 (9th Cir. 1981); sec. 1.183-2(a), Income Tax Regs. "Profit" in this context means economic profit, independent of tax savings. See Antonides v. Commissioner, 91 T.C. 686, 694 (1988), affd. 893 F.2d 656 (4th Cir. 1990); Landry v. Commissioner, 86 T.C. 1284, 1303 (1986). Whether a taxpayer engages in an activity with the requisite profit motive is a question of fact to be resolved on a consideration of all the facts and circum- stances in the record. See Lemmen v. Commissioner, 77 T.C. 1326, 1340 (1981); Allen v. Commissioner, supra at 34; sec. 1.183-2(b), Income Tax Regs. Petitioners bear the burden of proving that they engaged in their farming activity with the requisite profit motive, and greater weight is given to objective facts than to the taxpayer's mere statement of intent. See Rule 142(a); Siegel v. Commissioner, 78 T.C. 659, 699 (1982); Churchman v. Commissioner, 68 T.C. 696, 701 (1977); sec. 1.183-2(a), Income Tax Regs.Page: Previous 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Next
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