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OPINION
A. Whether Petitioner Had a $71,001 Gain on the Sale of His
Residence
Petitioner and Ploe owned1 petitioner's residence and sold
it for $208,387. Respondent concedes that petitioner had a basis
in his residence of $137,386 (instead of zero as determined in
the notice of deficiency)2 and contends that petitioner had a
capital gain of $71,001 on the sale of his residence in 1994.
Petitioner contends that he did not receive all of the proceeds
from its sale, but he does not say specifically who got how much
of the proceeds. Petitioner argues that he received only half of
the proceeds from the sale of his residence. We disagree. There
is no testimony or other evidence in the record to support
petitioner's assertion.
At trial, petitioner offered into evidence a Transamerica
Title Insurance Co. document dated September 21, 1994, that
states an escrow account number, an amount ($208,387.31), and the
names James A. Johnson and Barbara A. Ploe to J. Michael Jones
and Deborah Lynn Jones, 3545 Sierra Lane, and that it was for
sales proceeds. Petitioner contends that the document shows that
he and Ploe were jointly paid the proceeds from the sale of the
1 The record is silent as to the ownership interests that
petitioner and Ploe held in the land.
2 The record is silent as to whether Ploe contributed to the
construction of the home and its landscaping.
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Last modified: May 25, 2011