Sidney Dishal and Anna Dishal - Page 7

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        derived from such activity for the taxable year exceeds the                   
        deductions allowable under section 183(b)(1). An activity is "not             
        engaged in for profit" if it is an activity other than one with               
        respect to which deductions are allowable for the taxable year                
        under section 162 or section 212 (1) or (2) . Sec. 183 (c) .                  
        In determining whether an activity is engaged in for profit,                  
        the Court of Appeals for the Ninth Circuit, to which this case is             
        appealable, has stated that the taxpayer must show that he or she             
        engaged in the activity with the primary purpose of making a                  
        profit. Wolf v. Commissioner, 4 F.3d 709, 713 (9th Cir. 1993).                
        Petitioners bear the burden of proving the requisite intent. E.g.,            
        Golanty v. Commissioner, 72 T.C. 411, 426 (1979), affd. without               
        published opinion 647 F.2d 170 (9th Cir. 1981); Johnson v.                    
        Commissioner, 59 T.C. 791, 813 (1973), affd. 495 F.2d 1079 (6th               
        Cir. 1974). Whether a taxpayer is engaged in an activity with the             
        requisite profit objective is determined from all the facts and               
        circumstances. E.g., Hulter v. Commissioner, 91 T.C. 371, 393                 
        (1988); Taube v. Commissioner, 88 T.C. 464, 480 (1987); Golanty v.            
        Commissioner, su ra at 426; sec. 1.1832(a) and (b), Income Tax                
        Regs. More weight is given to objective facts than to the                     
        taxpayer's mere statement of his or her intent: E.g., Dreicer v.              
        Commissioner, 78 T.C. 642, 645 (1982), affd. without opinion 702              
        F.2d 1205 (D.C. Cir. 1983); sec. 1.183-2(a), Income Tax Regs.                 
          The regulations promulgated under section 183 list the                      
        following nine factors that should normally be taken into account             




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