- 18 - Although he testified that, at the first settlement meeting, his attorneys possessed “a document * * * that had all the expenses, the fees and what have you”, he admitted that the document was not submitted to Nomura. Nor did petitioner provide to Mr. Maitland any confirmation of the legal fees during the second settlement meeting. He did not dispute a statement by counsel for respondent that “I think we’ve established you didn’t present to him [Mr. Maitland] any bills or invoices at any time”. Petitioner did testify: “[W]e gave them a list of our expenses at * * * [a] point in time * * * midway through * * * [the arbitration proceeding] give or take.” However, Nomura’s memorandum in opposition to petitioner’s motion for partial summary judgment states that petitioner “has not given Nomura a single time sheet or lawyer’s bill by which Nomura could evaluate the nature and amount of the fees”; petitioner’s response to that statement in his reply memorandum is, in effect, an admission of such nondisclosure, which he justifies on the basis of “privilege and confidentiality concerns”. Those memoranda, submitted during the arbitration proceeding, cast doubt on the accuracy of petitioner’s trial testimony. At the very least, they indicate that the “list” referred to contained no more than “broad categories” of expenses, not an itemization of specific bills or invoices, which would qualify as substantiation under section 1.62-2(e)(3), Income Tax Regs. Moreover, the “list”, which wasPage: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011