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27, 1992, the proceeds were transferred to an account maintained
in Landtrak’s name with Swiss Bank Corp. in Switzerland.
The notice to Mr. Comey included in Mr. Comey’s income for
1992 the net capital gain realized on the sales of stock held in
the PaineWebber account. Using calculations prepared by
respondent’s personnel, the notice determined that Mr. Comey’s
aggregate basis in the stock was $184,132, and that Mr. Comey’s
net capital gain was therefore $407,306 (i.e., $591,438 aggregate
proceeds, less $184,132 aggregate basis, equals $407,306 net
capital gain).
Mr. Comey has not disputed that Landtrak received proceeds
from the stock sales by PaineWebber in amounts at least equal to
the amounts determined by respondent. Moreover, Mr. Comey has
not alleged that the basis in the stock sold was higher than that
determined by respondent. To the contrary, on a Wisconsin Form
5, Corporation Franchise or Income Tax Return, for 1992, Mr.
Comey reported that Landtrak received proceeds and realized gain
from the sales by PaineWebber in amounts exceeding the amounts
determined by respondent.8
Accordingly, we find that $407,306 of net capital gain was
realized in 1992 on the sales of stock Mr. Comey had reregistered
8 The Wisconsin Form 5, Corporation Franchise or Income Tax
Return, filed by Mr. Comey claimed that the capital gains were
exempt from Wisconsin tax.
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