- 19 - hearsay objection), we believe that petitioner justifiably concluded that the content of Culnen & Hamilton’s books was not an issue in this case. Respondent’s claim that, essentially, the witnesses’ testimony should be disregarded because it is unsupported is not persuasive. Beyond respondent’s claim that petitioner’s witnesses’ testimony is unsupported, respondent makes unsupported, unpersuasive, and offensive attacks on the credibility of petitioner and the ethics of his witnesses. There are legitimate issues in this case, but the ethics of petitioner’s witnesses are not among them. Respondent has, here, all too clearly relied on the tactic of trial by cross-examination, and that tactic has failed. A resort to name-calling is not an acceptable fallback position. We disapprove of that tactic. E. Conclusions We conclude, and find, that petitioner had adequate adjusted basis in his Wedgewood investment to deduct his pro rata share of Wedgewood’s losses for 1987, 1989, and 1990 and his share of the Form 4797 loss (if any).11 11 Apparently, respondent’s position is that none of the Wedgewood payments add to petitioner’s adjusted basis in his Wedgewood investment (but see supra note 7). Petitioner’s position is that all of the Wedgewood payments add to petitioner’s adjusted basis in his Wedgewood investment. We have not made specific findings as to the amount of petitioner’s adjusted basis in his Wedgewood investment for each of the years (continued...)Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
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