- 6 -
looking at all the surrounding objective facts. Dreicer v.
Commissioner, supra at 645. These facts are given greater weight
than petitioners' mere statement of intent. Dreicer v.
Commissioner, supra.
Section 1.183-2(b), Income Tax Regs., provides a
nonexclusive list of relevant factors which should be considered
in determining whether the taxpayer has the requisite profit
objective. The factors are: (1) The manner in which the taxpayer
carries on the activity; (2) the expertise of the taxpayer or
advisers; (3) the time and effort expended by the taxpayer in
carrying on the activity; (4) the expectation that the assets
used in the activity may appreciate in value; (5) the success of
the taxpayer in carrying on other similar or dissimilar
activities; (6) the taxpayer's history of income or losses 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) any elements indicating personal pleasure or recreation.
Sec. 1.183-2(b), Income Tax Regs. These factors are not
applicable or appropriate in every case. Abramson v.
Commissioner, 86 T.C. 360, 371 (1986).
In determining whether petitioners were engaged in the Amway
distributorship with the requisite intent to make a profit, all
of the facts and circumstances of their situation must be taken
into account. Golanty v. Commissioner, 72 T.C. 411, 426 (1979),
affd. without published opinion 647 F.2d 170 (9th Cir. 1981);
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