Csaba L. Magassy and Frances H. Magassy - Page 27

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               On the evidence before us, we conclude that petitioner and             
          SMSM did not have an actual and honest objective that the                   
          Feadship would generate a profit either from its charter or from            
          its sale.                                                                   
               In light of our resolution of the above issues, we need not            
          address respondent’s other arguments.                                       
               Based on the foregoing,                                                
                                                  Decision will be entered            
                                             for respondent.                          

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