- 20 - 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.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
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