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an activity was primarily for profit is a question of fact to be
resolved from all relevant facts and circumstances. See id. at
393; Golanty v. Commissioner, 72 T.C. 411, 426 (1979), affd.
without published opinion 647 F.2d 170 (9th Cir. 1981). The
burden of proving such objective is on the taxpayer. See Rule
142(a); see Welch v. Helvering, 290 U.S. 111 (1933). In
resolving this factual question, greater weight is given to
objective facts than to the taxpayer's after-the-fact statements
of intent. See Thomas v. Commissioner, 84 T.C. 1244, 1269
(1985), affd. 792 F.2d 1256 (4th Cir. 1986); Siegel v.
Commissioner, 78 T.C. 659, 699 (1982); sec. 1.183-2(a), Income
Tax Regs.
Section 1.183-2(b), Income Tax Regs., sets forth a
nonexclusive list of nine objective factors with respect to the
determination of whether an activity is engaged in for profit.
These factors are: (1) The manner in which the taxpayer carries
on the activity; (2) the expertise of the taxpayer or his
advisers; (3) the time and effort expended 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
history of income or losses with respect to the activity; (7) the
amount of occasional profits earned, if any; (8) the financial
status of the taxpayer; and (9) the elements of personal pleasure
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