Bill J. Malone, Jr. and Sarah J. Malone - Page 10

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          that we place ownership of an activity or business conducted                
          through an unincorporated association.  This is no easy task as             
          none of the many indicia of ownership are determinative.                    
          Nevertheless, for the following reasons, we agree with                      
               Although we make no finding on the point, for convenience we           
          proceed as though during each year in issue Malone Music                    
          constituted a trade or business within the meaning of section 162           
          and turn our attention to which individual or individuals were              
          “carrying on” that trade or business during those years.  In so             
          doing we note that the services offered by Malone Music are best            
          described as labor-intensive and examine:  (1) Ownership of the             
          assets used in the business; (2) what individuals provided the              
          necessary labor; and (3) how Malone Music was held out to, and/or           
          perceived by the general public.                                            
               Beginning with the last criterion, the Assumed Name Records            
          Certificate of Ownership for Unincorporated Business or                     
          Profession, filed March 12, 1998, with the Clerk of Travis                  
          County, Texas, describes Malone Music as a “proprietorship” owned           
          by petitioner.  To that extent, petitioner publicly holds himself           
          out as the owner of the business, subject to whatever benefits              
          and burdens that might flow as a result.  Nevertheless,                     
          petitioner is nowhere named in any of the written promotional               
          materials published by Malone Music.  Rather those materials                

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