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statement of intent. Dreicer v. Commissioner, supra at 645; sec.
1.183-2(a), Income Tax Regs.
The regulations set forth a nonexhaustive list of factors
that may be considered in deciding whether a taxpayer had a profit
objective. These factors are: (1) The manner in which the
taxpayer carries on the activity; (2) the expertise of the
taxpayer or his advisers; (3) the time and effort expended by the
taxpayer in carrying on the activity; (4) the expectation that the
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) any elements indicating personal pleasure or recreation.
See sec. 1.183-2(b), Income Tax Regs.
No single factor, nor even the existence of a majority of
factors favoring or disfavoring the existence of a profit
objective, is controlling. Hendricks v. Commissioner, 32 F.3d 94,
98 (4th Cir. 1994), affg. T.C. Memo. 1993-396; Brannen v.
Commissioner, 722 F.2d 695, 704 (11th Cir. 1984), affg. 78 T.C.
471 (1982); sec. 1.183-2(b), Income Tax Regs. Rather, the
relevant facts and circumstances of the case are determinative.
Keanini v. Commissioner, 94 T.C. 41, 46 (1990); Allen v.
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