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Notwithstanding these documents, we find that Mrs. Comey did
not transfer the Capital Fund shares to Landtrak on January 1,
1987, or at any other time. Although respondent did stipulate
the admission into evidence of the Assignment Separate from
Certificate, which petitioners offered as evidence of the
purported contribution of the Capital Fund shares to Landtrak on
January 1, 1987, respondent challenged the notations in Mrs.
Comey’s handwriting, which petitioners offered as evidence of the
same purported transaction.
More importantly, during respondent’s cross-examination of
Mrs. Comey, it became clear that Mrs. Comey did not recall
preparing the documents challenged by respondent. It also became
clear that Mrs. Comey neither remembered buying Landtrak stock on
January 1, 1987, nor remembered what, if anything, she paid for
those shares. In short, as Mrs. Comey admitted, she did not
remember assigning any of her Capital Fund shares to Landtrak.
We also note that the documents and testimony offered by
petitioners do not consistently describe the asserted transfer of
the Capital Fund shares. One of the documents in Mrs. Comey’s
handwriting describes the purported transfer of the Capital Fund
shares as having occurred on April 15, 1988 “retroactive to”
January 1, 1987. Another document titled “SPECIAL MEETING OF THE
BOARD OF DIRECTORS” of Landtrak states that it confirms
“Capitalization of the corporation by Cristeen B. Comey on
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