- 23 -
squared with their own worksheet covering the stock transactions,
which indicates that the aggregate acquisition price of the
stocks at issue was $14,86716 (a figure not at substantial
variance from respondent's determination that their basis was
$14,720). Finally, at least one17 of the stocks at issue was
acquired on January 25, 1999, before Melinda Doxtator transferred
$5,000 to Mr. Doxtator. That stock (American Pad & Paper Co.),
according to petitioners' own worksheet, accounted for $375 in
gain, or over one-third of the short-term capital gain determined
by respondent for 1999. In sum, petitioners' confused and
inconsistent claims regarding Melinda Doxtator's ownership of the
stocks giving rise to the capital gains determined by respondent
fail to persuade us that petitioners have demonstrated any error
in that determination. Accordingly, we sustain respondent's
determination that petitioners had $1,000 in short-term capital
gain and $146 in long-term capital gain in 1999.
16 The figure represents the acquisition prices (plus
commissions) listed by petitioner for the stocks at issue, which
is generally corroborated by the confirmation statements in the
record. In the case of the Jevic Transportation, Inc. stock,
petitioners' worksheet does not list an acquisition price, but it
can be derived by comparing the gain they list for the sale of
that stock with the (undisputed) proceeds of sale listed on the
Form 1099 issued to Mrs. Doxtator.
17 Petitioners have not alleged the date that the Jevic
Transportation, Inc. stock was acquired, except to the extent
that an inference may be drawn from their failure to list it on
their worksheet among the stocks acquired in 1999. If this stock
had been acquired before 1999, it would represent an additional
stock acquired before Melinda Doxtator transferred any funds to
Mr. Doxtator.
Page: Previous 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 NextLast modified: May 25, 2011