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whether a taxpayer is engaged in a venture with a profit
objective. They include: (1) The manner in which the taxpayer
carried 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 loss with
respect to the activity; (7) the amount of occasional profits
that are earned; (8) the financial status of the taxpayer; and
(9) whether elements of personal pleasure or recreation are
involved.
No single factor is controlling, and the Court does not
reach its decision by merely counting the factors that support
each party’s position. See Dunn v. Commissioner, 70 T.C. 715,
720 (1978), affd. 615 F.2d 578 (2d Cir. 1980); sec. 1.183-2(b),
Income Tax Regs. Rather, the facts and circumstances of the case
are determinative. See Golanty v. Commissioner, supra at 426.
Automobile Restoration
The only evidence petitioner presented to establish that he
operated an automobile restoration activity was a couple of
receipts showing trades of vehicles for unrelated items and the
sale of unrestored vehicles. Petitioner also provided evidence
that he had advertised for sale a 1974 Toyota. It appears from
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