- 6 - have met, is satisfied with respect to an individual taxpayer when: The individual participates in the activity for more than 100 hours during the taxable year, and such individual’s participation in the activity for the taxable year is not less than the participation in the activity of any other individual (including individuals who are not owners of interests in the activity) for such year; Sec. 1.469-5T(a)(3), Temporary Income Tax Regs., 53 Fed. Reg. 5726 (Feb 25, 1988). Generally, participation by an individual’s spouse is treated as participation by the individual. Sec. 469(h)(5). The only evidence presented regarding the amount of time petitioners participated in the rental of the condominium unit is their own general testimony. Thus, it is difficult to estimate the exact amount of time petitioners spent at the condominium, as well as what portion of this time was for business versus personal purposes. However, it appears that petitioners spent approximately 2 weeks per year at the condominium--1 week in the Spring and 1 week in the Fall. Even assuming petitioners spent a full 8 hours each weekday working on the condominium, this would amount to only 80 hours per year. The amount of time petitioner spent in paying condominium-related expenses throughout the year would have been nominal and would not have amounted to 20 hours per year. We find that petitioners did not participate in the activity for more than 100 hours in either of the years in issue.Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011