- 13 - Petitioners have failed to prove that their gain on Sawgrass was less than respondent determined. They offered as evidence a document entitled "Sellers Instructions", marked "Estimated". They also submitted a handwritten itemized summary of their calculation of gain, but did not substantiate most of the items listed. The items that they did substantiate--a $6,663 payment to make the mortgage current, $93,948 to repay the mortgage, and $7,957 to pay the cost of selling--do not exceed respondent's calculation. As for the expenses previously deducted as a rental loss, nothing in evidence substantiates them. Petitioners have the burden of proof, Rule 142(a), and they have failed to carry it. 3. Madison Avenue FINDINGS OF FACT In 1987 petitioners purchased property located at 9266 Madison Avenue, Orangevale, California (Madison Avenue). John maintained an office there. During 1988, petitioners incurred a rental loss on the property and sold it in June of that year. Respondent's Notice of Deficiency disagreed with both the claimed rental loss and the amount of gain shown on petitioners' return. After concessions, the only disputed issue is a $819 depreciation deduction.Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011