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taxable income in the years received." Beaver v. Commissioner,
supra at 91.
Petitioner has failed to prove that the $30,000 was a loan.
Petitioner has provided us with little evidence to support his
claim that the $30,000 was a loan. We are not persuaded by
Mr. Bentley’s testimony that he prepared a Form 1099,
Miscellaneous Income, showing zero miscellaneous income paid by
Radiology Affiliates, to correct “the 1099 which was * * *
erroneously submitted by the employer contemporaneously with the
transaction”. Petitioner has failed to produce any loan
documents or testimony of his own or of anyone from Radiology
Affiliates to substantiate his claim of a loan. This failure to
produce such evidence leads to the inference that either such
evidence does not exist or would be negative to petitioner.
Wichita Terminal Elevator Co. v. Commissioner, 6 T.C. 1158, 1165
(1946) ("the failure of a party to introduce evidence within his
possession and which, if true, would be favorable to him, gives
rise to the presumption that if produced it would be
unfavorable"), affd. 162 F.2d 513 (10th Cir. 1947). Petitioner
has not given us any reason to believe that the $30,000 was a
loan, and thus, we find that the $30,000 payment was an item of
gross income for 1993.
Respondent’s determination of a deficiency is sustained to
the extent respondent included the $30,000 payment as gross
income.
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