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See Frank A. Newcombe, 54 T.C. 1298 (1970). In Newcombe the taxpayers moved out of their personal residence and immediately offered it for sale. At no time was the property offered for rent. The taxpayers argued that, under the Smith doctrine, the property was being held for the production of income. The court stated: We do not share the penchant for polarization which the arguments of the parties reflect. Rather, we believe that a variety of factors must be weighed. . . . Newcombe, supra, 54 T.C. at 1299-1300.


The Newcombe court found that '[the] key question, in cases of the type involved herein, is the purpose or intention of the taxpayer in light of all the facts and circumstances.' Id. at 1303. The critical inquiry is, therefore, whether the taxpayer had or intended an 'expectation of profit.' To aid in its inquiry, the court took into account the following considerations: length of time the taxpayer occupied his former residence prior to abandonment; the availability of the house for the taxpayer's personal use while it was unoccupied; the recreational character of the property; attempts to rent the property; and, whether the offer ...

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