- 22 -
Commissioner, 25 T.C. 1100, 1104 (1956), revd. and remanded on
other grounds 259 F.2d 300 (5th Cir. 1958); Leitgen v.
Commissioner, T.C. Memo. 1981-525, affd. per curiam without
published opinion 691 F.2d 504 (8th Cir. 1982).
Petitioners failed to produce any books or records
supporting the claimed losses. Instead, petitioners presented
their individual Federal income tax returns for the years 1986
through 1992, which show losses arising principally from rental
properties and S corporations that petitioner owned, and some–-
but not most--of the relevant S corporation returns. Petitioners
also rely upon their accountant’s testimony regarding his return
preparation procedures.
The testimony of petitioners’ accountant is insufficient to
establish either the fact or amount of any net operating loss.
See Williams v. Commissioner, T.C. Memo. 1990-266. The tax
returns are merely a statement of petitioners’ position and do
not constitute proof of the claimed losses.18 See Wilkinson v.
Commissioner, 71 T.C. 633, 639 (1979); Roberts v. Commissioner,
62 T.C. 834, 837 (1974); Seaboard Commercial Corp. v.
Commissioner, 28 T.C. 1034, 1051 (1957).
18 Petitioners’ Federal income tax return for 1987
specifically notes that the return is tentative and will be
amended. There is no evidence that any amended return was ever
filed.
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