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in Landtrak’s name and then placed in the PaineWebber account, as
determined by respondent. Mr. Comey’s only argument is that this
gain is Landtrak’s income, because Landtrak was the owner for tax
purposes of the stock registered in its name.
Mr. Comey’s Assertions
Mr. Comey claims that his income does not include the $513
in interest and $44,530 in dividends he personally received
during 1991-92. Mr. Comey similarly claims that his income does
not include the $14,466 in capital gains (corresponding to the
$14,666 sales proceeds) he personally received during those
years. According to Mr. Comey, although the relevant securities
were registered in his name at the time of payment or sale: (1)
Landtrak owned the securities; (2) Mr. Comey received the
interest, dividends, and sales proceeds as Landtrak’s nominee;
and (3) these items are includable in Landtrak’s income, not Mr.
Comey’s income.
Mr. Comey further claims that his income does not include
either the $2,919 in dividends paid in 1992 on the stock
registered in Landtrak’s name or the $407,306 in net capital gain
realized in August 1992 on the sales of that stock by
PaineWebber. According to Mr. Comey, these items were Landtrak’s
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