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require the taxpayer to return all or part of such sums. E.g.,
Casalina Corp. v. Commissioner, 60 T.C. 694, 699 (1973), affd.
511 F.2d 1162 (4th Cir. 1975); R. A. Stewart & Co. v.
Commissioner, 57 T.C. 122, 126 (1971); Scolari v. Commissioner,
T.C. Memo. 1973-166, affd. 497 F.2d 962 (9th Cir. 1974); Town
Park Hotel Corp. v. Commissioner, T.C. Memo. 1970-261, affd. 446
F.2d 878, 879 (6th Cir. 1971). Accordingly, petitioners realized
$28,400 on the condemnation of their property in 1980. Sec.
1001(b).
Whether petitioners had a realized "gain" in 1980 depends
upon their adjusted basis in the property condemned. Sec.
1001(a). The taxpayer's basis in property is a question of fact,
and the taxpayer generally has the burden of proof on this issue.
Burnet v. Houston, 283 U.S. 223, 227-228 (1931); Biltmore Homes,
Inc. v. Commissioner, 288 F.2d 336, 342 (4th Cir. 1961), affg.
T.C. Memo. 1960-53. Here, petitioners presented no evidence
regarding their basis in the condemned property, nor did they
offer evidence of the basis of the entire DeSellum property.
Furthermore, they did not address this issue at trial or on
brief. Since there is no proof that petitioners had any basis in
the condemned property, we must treat the entire amount realized
in 1980 as gain realized. Sec. 1001(a); Burnet v. Houston, supra
at 227-228; Biltmore Homes, Inc. v. Commissioner, supra at 342;
Calderazzo v. Commissioner, T.C. Memo. 1975-1; cf. Ternovsky v.
Commissioner, 66 T.C. 695, 698 (1976).
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