- 6 -6 OPINION Petitioner bears the burden of proof with respect to each of the four issues to be decided by this Court. Rule 142(a); see New Colonial Ice Co. v. Helvering, 292 U.S. 435, 440 (1934). I. Capital Loss Deduction Petitioner claims that he invested $152,000 in the Business, that he lost all of his investment, and that he therefore is entitled to deduct $152,000 as a capital loss pursuant to section 165(f). Petitioner does not advance a plausible theory, however, to explain why he is entitled to a capital loss deduction. Petitioner did not produce any documentary evidence to establish that he invested $152,000. He did not present a contract or closing agreement relating to his alleged purchase of the Business. He did not present any canceled checks, receipts, or other documentary evidence of a transfer of funds. He did not produce any books or records detailing the operations of the Corporation, nor did he produce any business licenses. In short, petitioner has failed to meet his burden of proof. In an attempt to substantiate his eligibility for a deduction, petitioner submitted several pages of amended escrow instructions and a copy of the unlawful detainer complaint filed against him by Israel Dakar in the Municipal Court of Long Beach,Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011