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property and a basis of $55,550. Petitioner has provided no
substantiation of the claimed sales expenses. With respect to
the claimed basis, we observe that respondent offered into
evidence two personal financial statements dated December 31,
1987, and February 16, 1989, that petitioner submitted to a bank
to obtain loans. In both statements, petitioner represented that
the property at the 11th Street address was acquired in 1983 at a
cost of $57,000. We find sufficient corroboration that
petitioner had a basis in the property of at least $55,500. We
accordingly find that his net gain on the sale of the 11th Street
property was $13,950 ($69,500 gross sales price less $55,550
basis). We therefore sustain respondent's determination of
income from real estate sales in the amount of $13,950 only.
It is stipulated that petitioner continued to operate the
Crazy Horse Saloon in 1989. With respect to his income from this
business, petitioner filed returns for retailers' occupation and
related taxes for the Crazy Horse Saloon with the Illinois
Department of Revenue, in which he reported total receipts for
1989 of $30,591. This figure was also represented by petitioner
as his gross receipts from the Crazy Horse Saloon on Schedule C
of the 1989 Federal income tax return previously noted. Both
representations of gross receipts constitute admissions by
petitioner. Petitioner listed various deductions on the Schedule
C in computing net profit from the Crazy Horse Saloon, but has
provided no substantiation for any of them except mortgage
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