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On September 7, 2001, in light of the more than 2 years that
had passed since trial and petitioners’ repeated failures to file
a brief on or before the deadlines set by the Court or to comply
with the other conditions of the orders of this Court, the Court
ordered that no further extensions would be granted and that
petitioners would not be allowed to file a brief. See Rule
151(c) (delinquent briefs will not be accepted unless accompanied
by a motion setting forth reasons deemed sufficient by the Court
to account for the delay).
Although we could declare petitioners in default and dismiss
their cases, see Rule 123, Stringer v. Commissioner, 84 T.C. 693
(1985), affd. without published opinion 789 F.2d 917 (4th Cir.
1986), we choose instead to decide these cases on the merits.
See Furniss v. Commissioner, T.C. Memo. 2001-137.
1. Mrs. Comey’s Income for 1991
Mrs. Comey resided in Elm Grove, Wisconsin, when her
petition was filed. Mrs. Comey timely filed her Forms 1040, U.S.
Individual Income Tax Return, for 1991 and 1992.
Sales Proceeds Received by Mrs. Comey in 1991
In 1991, an “Individual Investor Account”, number 663 16E23,
was maintained with a Milwaukee, Wisconsin, office of Merrill
Lynch Pierce, Fenner & Smith, Inc. (Merrill Lynch). The name on
this Merrill Lynch account was “MRS CRISTEEN COMEY”. The address
on the account was Mrs. Comey’s residence and the taxpayer
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