Lucian T. Baldwin, III - Page 27

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          T.C. 691, 696-699 (1972), affd. without published opinion 486               
          F.2d 1406 (7th Cir. 1973); Butler v. Commissioner, 36 T.C. 1097             
               In determining whether the requisite intention to make a               
          profit exists, greater weight is to be given to the objective               
          facts than to the taxpayer’s self-serving characterization of his           
          intent.  Dreicer v. Commissioner, supra at 645; sec. 1.183-2(a),            
          Income Tax Regs.  Section 1.183-2(b), Income Tax Regs., sets                
          forth a nonexclusive list of factors to 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 his advisers; (3) the time and effort expended by the           
          taxpayer in carrying on the activity; (4) the expectation that              
          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              
          loss with respect to the activity; (7) the amount of occasional             
          profits, if any, that are earned; (8) the financial status of the           
          taxpayer; and (9) elements of personal pleasure or recreation.              
          No single factor is determinative, and not all factors are                  
          applicable in every case.  Burger v. Commissioner, supra at 358             
          n.4; Allen v. Commissioner, 72 T.C. 28, 34 (1979); sec. 1.183-              
          2(b), Income Tax Regs.                                                      

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