George and Bozenna Pohoski - Page 13

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          1.469-5T(f)(4), Temporary Income Tax Regs., 53 Fed. Reg. 5727 (Feb.         
          25, 1988).  That regulation provides as follows:                            
               The extent of an individual's participation in an                      
               activity may be established by any reasonable means.                   
               Contemporaneous daily time reports, logs, or similar                   
               documents are not required if the extent of such                       
               participation may be established by other reasonable                   
               means.  Reasonable means for purposes of this paragraph                
               may include but are not limited to the identification of               
               services performed over a period of time and the                       
               approximate number of hours spent performing such                      
               services during such period, based on appointment books,               
               calendars, or narrative summaries.                                     
               At trial, petitioners introduced a narrative summary of their          
          rental activities with respect to their participation in the                
          Hawaiian condominiums in the form of a letter, dated October 17,            
          1996, to Ms. Ingrid Giammichele, an Internal Revenue Service (IRS)          
          Appeals officer in California.  The narrative summary details the           
          expenses, time, and effort put forth by petitioners in operating            
          their Hawaiian condominiums.  Respondent claims, however, that the          
          narrative summary is merely a postevent "ballpark guesstimate" that         
          is insufficient to prove participation.  See Carlstedt v.                   
          Commissioner, T.C. Memo. 1997-331; Speer v. Commissioner, T.C.              
          Memo. 1996-323; Goshorn v. Commissioner, T.C. Memo. 1993-578.               
               Although petitioners' narrative summary is a postevent review          
          of  their  1993  participation  with  respect  to  the  Hawaiian            
          condominiums, we may nonetheless find the summary sufficient to             
          establish petitioners' participation where it is supported by               
          credible testimony and other objective evidence.  See Harrison v.           





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