Carolyn D. Fenderson - Page 14

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          Among Exhibit 3-J, Exhibit 4-P, and petitioner’s calendar, we               
          find petitioner’s calendar to be the only record that complies              
          with the above regulation.6  For purposes of that regulation,               
          “ballpark [guesstimates]” contained in postevent records, such as           
          Exhibits 3-J and 4-P are entitled to little, if any, weight in              
          determining the extent of a taxpayer’s participation in an                  
          activity.  Bailey v. Commissioner, T.C. Memo. 2001-296; Carlstedt           
          v. Commissioner, T.C. Memo. 1997-331; Speer v. Commissioner, T.C.           
          Memo. 1996-323; Goshorn v. Commissioner, T.C. Memo. 1993-578.               
               We have carefully and repeatedly reviewed petitioner’s                 
          calendar.  After doing so, we find that the estimates of time               
          spent on specific properties shown in Exhibits 3-J and 4-P are              
          overstated, at least to the extent as follows:                              

               6  This is not to suggest that petitioner’s calendar is not            
          without problems.  Petitioner explained that some entries made in           
          the calendar were made before the activity occurred, and she did            
          not adjust the entries later to reflect the actual duration of              
          the activity.  See, e.g., Fowler v. Commissioner, T.C. Memo.                
               Furthermore, although the calendar contains many entries               
          related to petitioner’s rental activities, such as evictions,               
          collecting rent, inspections, meeting with contractors,                     
          mediation, auctions, credit checks, listing reviews, screening of           
          prospective applicants, etc., there is nothing to connect these             
          activities to a specific rental unit or rental activity.                    
          Similarly, the calendar contains numerous entries that do not, in           
          and of themselves, show how the activity was related to a rental            
          activity.  For example, some entries on the calendar show only              
          the name of an individual and a phone number.  Other entries                
          simply show the address of a rental unit.  Some entries are                 
          obviously not related to any rental activity.  Finally, there are           
          some entries that are illegible.                                            

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