Carolyn D. Fenderson - Page 12

                                       - 11 -                                         
               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).                                                  

Page:  Previous  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  Next 

Last modified: March 27, 2008