Frank K. B. Wheeler - Page 16

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                                       OPINION                                        
                  I.  Sec. 183--Activity Not Engaged In For Profit                    
               Both parties base their cases on their respective analyses             
          of a list of factors often considered in so-called “hobby loss”             
          cases.  Each party concludes that substantially all the factors             
          point to a conclusion favoring that side.                                   
               In general we agree with respondent’s analyses; we also                
          agree with respondent’s conclusion.                                         

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