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There is no credible evidence that petitioner consulted with
experts in the music industry in an effort to further his music
career. Sec. 1.183-2(b)(2), Income Tax Regs. We also note that
petitioner expected his musical instruments to depreciate in
value. Sec. 1.183-2(b)(2), (4), Income Tax Regs.
Notwithstanding petitioner's contention that he expended a
fair amount of time and effort in his music activity, we note
that petitioner was employed full time as an engineer, operated a
sales business in 1994, rendered personal care to Saundra who was
fatally ill in 1994, and raised his children during the years in
issue. We are not convinced that petitioner devoted as much time
to his music activity as he claimed he did.
The record also does not establish that petitioner was
successful in his music activity. For 1994 and 1995, petitioner
reported losses in the amounts of $3,686 and $6,925,
respectively. Although petitioner reported gross income in the
amount of $600 in 1994, petitioner reported related expenses in
the amount of $4,286. During 1994 and 1995, the Forms 1040
reported wages in the amounts of $52,169 and $78,401,
respectively. This helps to persuade us that petitioner's music
activity was only a hobby. Sec. 1.183-2((b)(8), Income Tax Regs.
We do not doubt petitioner's desire to "make it big enough
in the music business to make that a full-time profession."
However, viewing the record as a whole, we are satisfied that
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