S. Robert Davis - Page 32




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          the records that reflected the donor's cost or adjusted basis               
          were available to him.  We find this testimony to be credible and           
          conclude his minor oversight does not establish fraud on the part           
          of Mr. Davis.                                                               
               F.   Dr. Ottelin                                                       
               Respondent contends that Mr. Davis' transfer of Strata stock           
          to Dr. Ottelin was part of a barter transaction (i.e., Dr.                  
          Ottelin adjusted the dentures of Mr. Davis' mother in exchange              
          for shares of Strata stock) and was not a gift, and any testimony           
          by Dr. Ottelin or Mr. Davis to the contrary is not credible.  We            
          disagree.                                                                   
               Dr. Ottelin credibly testified that the adjustment he                  
          performed to the dentures of Mr. Davis' mother was a minor                  
          adjustment, and it was his normal practice not to bill for such             
          services--they were gestures of goodwill.  Furthermore, the gift            
          of stock Mr. Davis made to Dr. Ottelin was worth at least                   
          hundreds, if not thousands, of dollars--an amount extremely                 
          disproportionate in comparison to the services Dr. Ottelin                  
          performed for Mr. Davis' mother.  We conclude that the gift of              
          Strata stock to Dr. Ottelin was not part of a barter transaction.           
               G.   Mr. Walker                                                        
               Respondent contends that Mr. Davis sold Mr. Walker 100,000             
          shares of Strata stock.  Respondent relies on a stock ledger                







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