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Cir. 1981); Bessenyey v. Commissioner, 45 T.C. 261, 274 (1965),
affd. 379 F.2d 252 (2d Cir. 1967).
Whether petitioner engaged in his gambling activity with an
actual and honest objective of realizing a profit must be
redetermined year-to-year, taking into account all of the
relevant facts and circumstances. Golanty v. Commissioner,
supra at 426; sec. 1.183-2(a) and (b), Income Tax Regs. More
weight is given to objective facts than to petitioner’s statement
of his intent. Engdahl v. Commissioner, 72 T.C. 659, 666 (1979);
sec. 1.183-2(a), Income Tax Regs.
The following factors, which are nonexclusive, should be
considered in the determination of whether an activity is engaged
in for profit: (1) The manner in which the taxpayer carried on
the activity; (2) the expertise of the taxpayer or his or her
advisers; (3) the time and effort expended by the taxpayer in
carrying on the activity; (4) the expectation that assets used in
the activity may appreciate in value; (5) the success of the
taxpayer in carrying on other similar or dissimilar activities;
(6) the taxpayer’s history of income or losses with respect to
the activity; (7) the amount of occasional profits, if any,
which are earned; (8) the financial status of the taxpayer; and
(9) elements of personal pleasure or recreation. Sec. 1.183-
2(b), Income Tax Regs.
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