- 15 - January 1, 1987, who at the time was the sole shareholder of the corporation.” However, the “7" of the “1987" in this document is handwritten and appears to have been written over a typewritten “8".5 Moreover, in a 1990 letter written to the Commissioner on Mrs. Comey’s behalf, Mr. Comey stated that the transfer of Capital Fund shares occurred on or about January 1, 1988, not on January 1, 1987. Finally, at trial, Mr. Comey variously stated that Mrs. Comey capitalized Landtrak in 1988, in 1987 or 1988, or in “1988-–1987 and 1988". The objective facts support a finding that Mrs. Comey did not transfer her Capital Fund shares to Landtrak on January 1, 1987, or at any other time. We have found that, contrary to petitioners’ contentions, Mr. Riopelle remained the sole owner of Landtrak throughout 1987. It does not make sense that Mrs. Comey would have transferred valuable property--the Capital Fund shares-–to a corporation in which she had no interest. In addition, when the Capital Fund shares were sold in 1991--more than 4 years after their purported transfer to Landtrak--they were held in an “Individual Investor Account”, not in a corporate account. The name, address, and taxpayer identification number 5 We also note that the document was signed only by Mr. Comey (purportedly on behalf of Mr. Comey individually and as sole director and secretary of Landtrak) and refers to a board meeting supposedly held on Apr. 12, 1988, more than 1 year after the purported transfer of the Capital Fund shares to Landtrak on Jan. 1, 1987.Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
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