- 14 - profits, if any; (8) the financial status of the taxpayer; and (9) elements of personal pleasure or recreation. All facts and circumstances must be taken into account, and no single factor or mathematical preponderance of factors is determinative. Osteen v. Commissioner, supra at 358; Golanty v. Commissioner, 72 T.C. 411, 426 (1979), affd. without published opinion 647 F.2d 170 (9th Cir. 1981); Allen v. Commissioner, 72 T.C. 28, 34 (1979); sec. 1.183-2(b), Income Tax Regs. Petitioners rely solely on their testimony to establish all of their proposed findings of disputed facts. As to the issue at hand concerning the fishing activity, petitioners testified that they aimed to earn money from that activity and that they could win millions of dollars in the activity. According to petitioners, PMSI would have reported a profit for each subject year except that two fish got away and one did not. As to the first fish, Mr. Peacock testified that they would have won $300,000 in 1995 had it not got away. Mr. Peacock animatedly described the events surrounding this fish as follows during his direct testimony at trial: A. It was in 1995. Q. And where were you located? A. Cabo San Lucas, Mexico. * * * * * * * A. So about two or three o’clock, we hook up with this fish and it just takes off running. And MyrticePage: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
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