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(9) whether elements of personal pleasure or recreation are
involved.
No single factor is controlling, and the Court does not
reach its decision by merely counting the factors that support
each party's position. See Dunn v. Commissioner, 70 T.C. 715,
720 (1978), affd. 615 F.2d 578 (2d Cir. 1980); sec. 1.183-2(b),
Income Tax Regs. Rather, the relevant facts and circumstances of
the case are determinative. See Golanty v. Commissioner, supra
at 426.
After considering all the factors, the Court disagrees, in
part, with respondent's position that petitioners did not have an
actual and honest objective of making a profit from their Truckee
real estate.
Petitioner, Sharon Rivera, testified that the property was
rented at a small profit during the first few years of ownership.
After a series of destructive tenants, however, petitioners
became reluctant to rent the property to the general public. For
the years before the Court, petitioners did not maintain
businesslike books and records of rental activity, and there was
not much time spent in carrying on the activity. Furthermore, it
appears from the record that the property was rented for less
than its fair rental value for the days it was rented, only to
family and friends, in 1999. The Court agrees with respondent
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