Does the phrase "operated for profit" mean that a property or its owner was operated for the purpose of making a profit?

The fact that a surplus results in a given year does not necessarily mean that either the property or its owner was operated 'for' profit. There is an element of intent involved. 'In relation to tax laws, the phrase 'conducted for profit,' which appears to be the equivalent of 'operated for profit', has presented some difficulty but has been generally held to convey the meaning of operated or conducted for the purpose of making a profit. [Citations.] Accordingly, the test indicated by such phrases, as so construed, is not necessarily whether there is or may be a profit but whether the claimant is operated or conducted for the [137 Cal.App.2d 325] purpose of making a profit; that is, whether the charges are fixed with the intention of yielding a surplus over and above operating expenses. [Citations.]' Sutter Hospital of Sacramento v. City of Sacramento, 39 Cal.2d 33, 37, 244 P.2d 390, 392.