- 3 -
respondent. Petitioners' counsel also did not identify these
items as issues in either his opening or closing argument at
trial. Nor does petitioners' post-trial brief address these
items. We consider petitioners to have conceded these items.
See Rule 34(b)(4); Ducommun v. Commissioner, 732 F.2d 752,
753-754 (10th Cir. 1983); Frederick v. Commissioner, 101 T.C. 35,
36 n.4 (1993); Jarvis v. Commissioner, 78 T.C. 646, 658 n.19
(1982); see also Merlino v. Commissioner, T.C. Memo. 1993-10
200.
Following this and other concessions, we are left to decide
the following issues for 1982:
1. Whether petitioners received a $413,000 dividend on the
cancellation of debt owed by Mr. Burke to Burke Energy Corp.
(BEC), petitioners' wholly owned corporation. We hold they did.
2. Whether petitioners underreported by $331,593 their
taxable capital gain on the sale of certain property. We hold
they did.
Unless otherwise indicated, section references are to the
Internal Revenue Code in effect for the year in issue. Rule
references are to the Tax Court Rules of Practice and Procedure.
Dollar amounts are rounded to the nearest dollar. Although
respondent determined separate tax liabilities for petitioners
for each of the subject years, we refer to their 1982 liabilities
as a joint liability because they filed a joint 1982 Federal
income tax return.
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