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respondent determined that petitioner realized long-term capital
gain for 1995 equal to the proceeds received from the sale of
that property (i.e., $103,500). At trial, petitioner testified,
and we find, that he was a one-half owner of the co-owned rental
property. However, petitioner failed to present any evidence
establishing what, if any, basis he had in his one-half interest
in that property. Based on the record before us, we find that
petitioner realized long-term capital gain for 1995 from the sale
of the co-owned rental property in the amount of $51,750.
With respect to respondent's determination that petitioner
has rental income for 1995 in the amount of $18,171, petitioner
testified, and we find, that he did not receive rent on the co-
owned rental property after its sale at the end of February 1995.
Immediately prior to trial, petitioner completed a Form 1040 for
1995. In the Schedule E attached to that form, petitioner admits
that during 1995 he received total rental income of $12,767
consisting of (1) $11,460 from a duplex and (2) $1,307 from the
co-owned rental property. We further find on the record before
us that petitioner received total rental income for 1995 in the
amount of $12,767. Cf. Cohan v. Commissioner, 39 F.2d 540 (2d
Cir. 1930).
Petitioner testified in a general and vague manner, and he
claims, that he is entitled to deduct certain expenses for the
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