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ownership occurred on January 1, 1987, are also contrary to fact,
having been vitiated by their later oral stipulation concerning
the backdating of the writing on Mr. Riopelle’s stock
certificate. See Cal-Me. Foods, Inc. v. Commissioner, 93 T.C.
181, 195 (1989); Jasionowski v. Commissioner, 66 T.C. 312, 318
(1976) (Tax Court may disregard stipulation clearly contrary to
evidence in record).
Purported Transfer of Capital Fund Shares to Landtrak
Petitioners further contend that when Mrs. Comey acquired
Landtrak’s stock on January 1, 1987, she also transferred her
Capital Fund shares to Landtrak as a contribution to capital.
Once again, aspects of the record appear to support
petitioners’ contentions. The record contains a copy of a
document titled “Assignment Separate from Certificate” signed by
Mrs. Comey. This document purports to transfer 2,919 Capital
Fund shares to Landtrak and is dated January 1, 1987.4 The record
also contains copies of some notations, in Mrs. Comey’s
handwriting, that refer to Capital Fund shares and to the date
January 1, 1987.
4 We note that 4,710 Capital Fund shares were sold in 1991.
Although petitioners did not specifically address the issue, we
understand them to argue that reinvested dividends account for
the difference between the 2,919 shares purportedly transferred
to Landtrak in 1987 and the 4,710 shares sold in 1991.
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