- 98 -
counting. We conclude, and we have found, that the $318 is not
properly an expense of the Lake Tahoe trip.
We conclude that the trip to Lake Tahoe was primarily of a
personal nature. Respondent proved by clear and convincing
evidence that $1,033.50 ($1,351.50 minus $318) of Markette’s
expenditures for this trip were associated with that purpose.
Thus, Betsy received a $1,033.50 constructive dividend from
Markette.
We hold for respondent as to $1,033.50 and for petitioner as
to $318, on this issue.
Los Angles Olympics
Markette paid $1,359.55 for tickets to the 1984 Los Angeles
Olympics to be used (and in 1984 in fact used) by petitioner,
Betsy, and the children. See Check Nos. 115417 and 1896--1984
Olympics, supra. This payment was made by issuance of a check in
the amount of $1,001.60, and application of credits on Markette’s
American Express invoice on account of a $39.95 overpayment
resulting from the Hawaii trip, see supra, and a $318 overpayment
resulting from the Lake Tahoe trip, see supra. See supra table
6.
Apart from his general contention that “on every trip, Betsy
and petitioner discussed the business of her multimillion dollar
enterprise”, petitioner does not suggest that there was any Sley
Corporations business purpose for Markette to buy the tickets, or
Page: Previous 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 NextLast modified: May 25, 2011