- 19 -19
Petitioners admitted that they did not know the value of the
property when Mrs. Marcus' mother died or when Mrs. Marcus'
stepfather died. However, under appropriate circumstances, if
the record provides sufficient evidence that the taxpayer has
some basis in property, but the taxpayer is unable to prove the
exact amount, we can estimate the taxpayer's basis in the
property, "bearing heavily * * * upon the taxpayer whose
inexactitude is of his own making." Cohan v. Commissioner, 39
F.2d 540, 544 (2d Cir. 1930). However, in order for the Court to
make such an estimate, we must have some basis in fact upon which
an estimate may be made. Vanicek v. Commissioner, 85 T.C. 731,
743 (1985). Without such a basis, any allowance would amount to
unguided largesse. Williams v. United States, 245 F.2d 559, 560
(5th Cir. 1957). Mrs. Marcus testified, without objection from
respondent, that her sister in Italy, an owner of the property,
told her the property had decreased in value from 1970 to 1990.
Mrs. Marcus, although not the legal owner of the property,
certainly had a beneficial interest in the property pursuant to
the arrangement. An owner of property generally is qualified to
testify as to the property's value. LaCombe v. A-T-O, Inc., 679
7(...continued)
in the property. This argument is misguided as Mrs. Marcus never
had a depreciable interest in the property; her stepfather had a
life estate, and upon his death Mrs. Marcus promptly entered into
the agreement wherein she gave up all rights to inherit the
property. Cf. Currier v. Commissioner, 51 T.C. 488, 492 (1968).
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