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Dreicer v. Commissioner, supra at 645; sec. 1.183-2(b), Income
Tax Regs. We give greater weight to objective facts than to a
taxpayer's statement of intent. Dreicer v. Commissioner, supra
at 645; sec. 1.183-2(a), Income Tax Regs.
Section 1.183-2(b), Income Tax Regs., contains a
nonexclusive list of objective factors to be considered in
deciding whether an activity is engaged in for profit. Allen v.
Commissioner, 72 T.C. 28, 33 (1979). The factors are: (1) The
manner in which the taxpayer carries on the activity; (2) the
expertise of the taxpayer or the taxpayer's advisers; (3) the
time and effort expended by the taxpayer 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 activities; (6) the taxpayer's history
of income or loss with respect to the activity; (7) the amount of
occasional profits, if any, which are earned; (8) the financial
status of the taxpayer; and (9) whether elements of personal
pleasure or recreation are involved.
No single factor is determinative; all facts and
circumstances, including those not listed, should be considered.
Abramson v. Commissioner, 86 T.C. 360, 371 (1986); sec. 1.183-
2(b), Income Tax Regs. Moreover, we do not resolve the issue of
profit objective by simply comparing the number of factors
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