Paul G. Gubbini - Page 20

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          alter petitioner’s burden of proof, but, in such a case, we shall           
          consider credible secondary evidence.  Malinowski v.                        
          Commissioner, 71 T.C. 1120, 1125 (1979).  Petitioner relies on              
          certain documents of Color Trick (viz, its articles of                      
          incorporation and minutes of shareholders’ meetings), certain               
          testimony, and certain of his Federal income tax returns to                 
          establish his entitlement to a section 1244 loss.  Certain other            
          records, however, have not been offered by petitioner, such as              
          his stock certificates or the stock transfer records of Color               
          Trick.  We do not accept the statements in petitioner’s Federal             
          income tax returns as proof of the facts asserted by petitioner.            
          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, 247-248 (1946), affd. 175 F.2d 500 (2d Cir. 1949).                
          Accordingly, we hold that the evidence on which petitioner relies           
          is insufficient to establish his entitlement to the benefits of             
          section 1244.  Moreover, petitioner has failed to maintain                  
          records sufficient to establish that he is entitled to the loss             
          claimed with respect to his stock in Color Trick and that he                
          satisfies the requirements of section 1244.  Sec. 1.1244(e)-1(b),           
          Income Tax Regs.                                                            







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