- 6 - A tax return is merely a statement of the taxpayer's claim and does not establish the truth of the matters set forth therein. Wilkinson v. Commissioner, 71 T.C. 633, 639 (1979); Roberts v. Commissioner, 62 T.C. 834, 837 (1974); Halle v. Commissioner, 7 T.C. 245, 250 (1946), affd. 175 F.2d 500 (2d Cir. 1949). Petitioner did not testify. Petitioner did not provide partnership books and records or invoices to support the purchase of qualified property for which a credit could have been claimed;3 nor did she provide any evidence to show that the alleged section 38 assets were used in a trade or business long enough to avoid any recapture. Moreover, petitioner did not provide copies of her tax returns for taxable years before 1984, and she did not provide the Court with enough information to determine whether any allowable credits would have otherwise been absorbed in the intervening years. Indeed, the tax returns provided by petitioner reflect several errors in calculating the general business credit carryforward. Petitioner has not met her burden of proving that she is entitled to the claimed credit. Accordingly, we sustain respondent's determination regarding the general business credit carryforward in 1989. Respondent also determined that petitioner was liable for the accuracy-related penalty pursuant to section 6662(a). Section 6662 imposes an addition to tax equal to 20 percent of 3Petitioner offered an undated, unsigned statement regarding the purchase of some equipment in 1969 and 1970. The source of this document is unknown. Respondent objected to this document as hearsay, and we sustain the objection.Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011