- 20 -
the sale of the Crazy Horse property which lists expenses
incurred by petitioner in connection with the sale totaling
$4,015.12 Petitioner is entitled to an offset for these
expenses. Using the foregoing estimates, we find that
petitioner's gain on the sale of the Crazy Horse property was
$72,175 ($155,000 gross sales proceeds, less $4,015 expenses of
sale, less $78,810 basis), and we sustain respondent's
determination of gain from real estate only to that extent.
Since the parties have stipulated that petitioner paid mortgage
interest of $365 in relation to the Crazy Horse property,
petitioner is entitled to a deduction in that amount.
For the reasons discussed earlier, we find that petitioner
worked as the manager of Jiordano's in 1991. Other than his
contention on brief that he "earned less than $600" in 1991,
petitioner has not accounted for any income from Jiordano's. The
settlement statement for the Crazy Horse property sale indicates
that petitioner received cash proceeds from the sale of the Crazy
Horse property of $13,851 on June 11, 1991. Thus, if petitioner
is to be believed, he met his cost of living for the first half
12 Respondent noted a hearsay objection to the document.
Since the document is a settlement sheet and contains the sales
price, property address, and year of sale to which the parties
have stipulated for the sale of the Crazy Horse property, we find
the document of sufficient trustworthiness that petitioner's
retained copy is admissible. Cf. United States v. Ullrich, 580
F.2d 765 (5th Cir. 1978); United States v. Flom, 558 F.2d 1179
(5th Cir. 1977); United States v. Vacca, 431 F. Supp. 807 (E.D.
Pa. 1977), affd. without published opinion 571 F.2d 573 (3d Cir.
1978).
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011