19
to them. DiLeo v. Commissioner, 96 T.C. 858, 869 (1991), affd.
on other grounds 959 F.2d 16 (2d Cir. 1992); Parks v.
Commissioner, supra at 658.
2. Whether Petitioner-Husband's Testimony Was Generally
Credible
Petitioners contend that they had the money for the bank
deposits in Brazil before 1990 and brought it to the United
States in 1990 and 1991. Respondent contends that petitioner-
husband's testimony regarding their Brazilian funds is self-
serving and lacks credibility.
We decide whether a witness is credible based on objective
facts, the reasonableness of the testimony, the consistency of
statements made by the witness, and the demeanor of the witness.
Quock Ting v. United States, 140 U.S. 417, 420-421 (1891); Wood
v. Commissioner, 338 F.2d 602, 605 (9th Cir. 1964), affg. 41 T.C.
593 (1964); Pinder v. United States, 330 F.2d 119, 124-125 (5th
Cir. 1964); Concord Consumers Housing Coop. v. Commissioner, 89
T.C. 105, 124 n.21 (1987). We may discount testimony which we
find to be unworthy of belief, but we may not arbitrarily
disregard testimony that is competent, relevant, and
uncontradicted, Conti v. Commissioner, 39 F.3d 658, 664 (6th Cir.
1994), affg. 99 T.C. 370 (1992), and T.C. Memo. 1992-616;
Demkowicz v. Commissioner, 551 F.2d 929, 931-932 (3d Cir. 1977),
revg. T.C. Memo. 1975-278; Banks v. Commissioner, 322 F.2d 530,
537 (8th Cir. 1963), affg. in part and remanding in part T.C.
Memo. 1961-237; Loesch & Green Constr. Co. v. Commissioner, 211
Page: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NextLast modified: May 25, 2011