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Petitioner initiated this case by filing an imperfect
petition. In his first amended petition, petitioner alleged the
following facts as the basis for his case:
a. The Petitioner is married and has two children.
a. The Petitioner's labor is his property.
b. As part of his life he receives his labor as a
day to day gift from his Creator.
c. The Property was received by him after December
31, 1920.
d. The Petitioner's Creator is the original owner
of this property and his Creator did not receive the
property as a gift before giving it to the Petitioner.
e. The Secretary of the Treasury of the United
States, or his authorized delegate, either failed to
determine the basis (cost) in the Petitioner's labor,
as required by Internal Revenue Code (IRC), � 1015(a),
or was unable to determine the basis (cost) that the
Petitioner's Creator has in the gift of the labor [sic]
was given to the Petitioner.
f. The Petitioner has been unable to discover the
basis (cost) his Creator had in the labor at the time
it was given to the Petitioner as a gift.
g. Because he failed or was unable to determine
the basis (cost) the Petitioner's Creator had in the
labor that was given to the Petitioner as a gift, the
Secretary was required to proceed as if the basis
(cost) in the labor is the "FAIR MARKET VALUE" of the
property (labor) based upon the best information
available to him.
h. The only information that was available to the
Secretary to determine the basis (cost) the Petitioner
had in his labor would be the amount he received for
the labor he sold.
i. The Petitioner sold his labor under contract.
The basis (cost) in labor when sold under contract is
the same for all property sold under contract, which is
the amount paid in accordance with the terms of the
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Last modified: May 25, 2011