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by section 1034. Whether or not property is used by a taxpayer
as his residence depends upon all the facts and circumstances in
each case, including the good faith of the taxpayer. See sec.
1.1034-1(c)(3)(i), Income Tax Regs. "The elements of residence
are the fact of abode and the intention of remaining, and the
concept of residence is made up of a combination of acts and
intention. Neither bodily presence alone nor intention alone
will suffice to create a residence." Stolk v. Commissioner, 40
T.C. 345, 353 (1963), affd. 326 F.2d 760 (2d Cir. 1964); see also
Perry v. Commissioner, 91 F.3d 82, 85 (9th Cir. 1996), affg. T.C.
Memo. 1994-247.
Petitioner never had any intention of making the Bowmen Lane
property his residence. His limited use of the property is not
sufficient to create a residence. Accordingly, petitioner does
not qualify for the nonrecognition provisions of section 1034.
Finally, we address the accuracy-related penalties imposed
pursuant to section 6662(a). Section 6662(a) and (b)(1) imposes
a penalty of 20 percent of the portion of an underpayment of tax
that is attributable to negligence or disregard of rules or
regulations. “Negligence” includes any failure to make a
reasonable attempt to comply with the statute, and “disregard”
includes any careless, reckless, or intentional disregard. Sec.
6662(c). We have further defined negligence as the failure to
exercise the due care that a reasonable and ordinarily prudent
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