Martin and Marion Abbene - Page 16

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            and remanded, 925 F.2d 1379 (11th Cir. 1991).  Accordingly, we                               
            shall examine Mr. Abbene's intent and attribute his intent to                                
            Blue Ribbon.                                                                                 
                  Whether a taxpayer has an actual and honest profit objective                           
            is decided on the basis of all surrounding circumstances.                                    
            Dreicer v. Commissioner, supra at 645; sec. 1.183-2(b), Income                               
            Tax Regs.  In making our determination, we give greater weight to                            
            objective factors 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., provides 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.                                                         





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