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affd. without published opinion 647 F.2d 170 (9th Cir. 1981).
Greater weight is given to objective facts than to a
taxpayer's mere statement of intent. See Dreicer v.
Commissioner, 78 T.C. 642, 645 (1982), affd. without opinion 702
F.2d 1205 (D.C. Cir. 1983).
The regulations provide a list of relevant factors to
consider in determining whether an activity is engaged in for
profit. Those factors are: (1) The manner in which the taxpayer
carried on the activity; (2) the expertise of the taxpayer or his
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) elements of personal pleasure or recreation. See sec.
1.183-2(b), Income Tax Regs.
No one factor is conclusive. We do not reach a decision by
merely counting factors supporting each party's position. See
Dunn v. Commissioner, 70 T.C. 715, 720 (1978), affd. on another
issue 615 F.2d 578 (2d Cir. 1980).
Respondent does not contest that the claimed deductions were
incurred with respect to petitioners' fishing activity, but
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