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January 1, 1987, who at the time was the sole shareholder of the
corporation.” However, the “7" of the “1987" in this document is
handwritten and appears to have been written over a typewritten
“8".5 Moreover, in a 1990 letter written to the Commissioner on
Mrs. Comey’s behalf, Mr. Comey stated that the transfer of
Capital Fund shares occurred on or about January 1, 1988, not on
January 1, 1987. Finally, at trial, Mr. Comey variously stated
that Mrs. Comey capitalized Landtrak in 1988, in 1987 or 1988, or
in “1988-–1987 and 1988".
The objective facts support a finding that Mrs. Comey did
not transfer her Capital Fund shares to Landtrak on January 1,
1987, or at any other time. We have found that, contrary to
petitioners’ contentions, Mr. Riopelle remained the sole owner of
Landtrak throughout 1987. It does not make sense that Mrs. Comey
would have transferred valuable property--the Capital Fund
shares-–to a corporation in which she had no interest. In
addition, when the Capital Fund shares were sold in 1991--more
than 4 years after their purported transfer to Landtrak--they
were held in an “Individual Investor Account”, not in a corporate
account. The name, address, and taxpayer identification number
5 We also note that the document was signed only by Mr.
Comey (purportedly on behalf of Mr. Comey individually and as
sole director and secretary of Landtrak) and refers to a board
meeting supposedly held on Apr. 12, 1988, more than 1 year after
the purported transfer of the Capital Fund shares to Landtrak on
Jan. 1, 1987.
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