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According to petitioner, she performed more than 100 hours
of personal services in connection with each of the rental units.
In support of her claim in this regard, she submitted a schedule
of the hours spent on each unit (Exhibit 3-J). Exhibit 3-J shows
a total of 1,062.18 hours spent on all rental units. The exhibit
itself is a summary of a document that shows the date, nature of
the activity, and time spent on a property-by-property basis
(Exhibit 4-P). Exhibit 4-P, in turn, is, according to
petitioner, based upon items listed in petitioner’s calendar.
Although the calendar was prepared contemporaneously with the
events recorded in it, Exhibit 3-J and Exhibit 4-P were prepared
years later during either the examination of petitioner’s 2002
return or in preparation for this proceeding.
In reliance on her calendar and the above-referenced
exhibits, petitioner argues that more than one-half of her time
spent in performing personal services in trades or businesses
during 2002 was spent in performing personal services in real
estate trades or businesses (1,062.18 hours performing personal
services in her real estate trades or businesses versus 780 hours
performing personal services as an employee of Symantec). As
petitioner views the matter, she has satisfied the requirements
of section 469(c)(7)(B), and therefore section 469(c)(2) does not
apply. Sec. 469(c)(7)(A).
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Last modified: March 27, 2008