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petitioner made notations on his calendars based on his
recollection of the activities occurring in 1994 and 1995.
However, these handwritten notations that were prepared years
later are not reliable. This Court has previously noted that,
while the regulations are somewhat ambivalent concerning the
records to be maintained by taxpayers, they do not allow a
postevent “ballpark guesstimate”. Bailey v. Commissioner, T.C.
Memo. 2001-296; Carlstedt v. Commissioner, T.C. Memo. 1997-331;
Speer v. Commissioner, T.C. Memo. 1996-323; Goshorn v.
Commissioner, T.C. Memo. 1993-578. Petitioners attempt to
distinguish the facts of this case from those cited by arguing
that petitioner’s calendars are reliable because the calendars
were prepared in advance of his activities for his work at United
Air Temp and his rental properties. We conclude that this case
and the cases cited are not distinguishable. In any event,
petitioners’ reconstruction and assertions of time spent are not
credible in the context of the types of properties, the amount of
rent received, and the services allegedly performed.
Because petitioner does not meet the 750-hour requirement of
section 469(c)(7)(B)(ii), he is not a real estate professional
for purposes of section 469(c)(7). Therefore, we need not
address whether petitioner spent more than 50 percent of his time
in real estate trades or businesses under section
469(c)(7)(B)(i).
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