- 34 -
to support the research and development of his claimed
inventions. There is no credible evidence in the record to that
effect, however, and we have concluded that Landtrak had no
business purpose and engaged in no business activity, during the
years in issue. See supra pp. 19-20. We also note that on his
Forms 1040 for the years 1985 through 1992, Mr. Comey reported
that his total income varied from approximately $3,400 to
approximately $5,100 per year. Although Mr. Comey claims that he
was able to live on approximately $100 per week, the record
supports the inference that Mr. Comey was using the amounts
claimed to be Landtrak’s income to meet his personal needs.
For all these reasons, we conclude that Mr. Comey was not
acting as Landtrak’s nominee or other agent; he was both the
title owner and the owner for tax purposes of the securities in
his portfolio, at least until the stock in the portfolio was
reregistered in Landtrak’s name in mid-1992. Accordingly, we
also conclude that the $513 in interest and $44,080 in dividends
received directly by Mr. Comey during 1991-92, and the $14,466 in
capital gains realized directly by Mr. Comey during 1991-92, are
Mr. Comey’s income, as determined by respondent. See Corliss v.
Bowers, 281 U.S. 376, 378 (1930), where the Supreme Court stated:
taxation is not so much concerned with the refinements
of title as it is with actual command over the property
taxed–-the actual benefit for which the tax is paid.
* * * The income that is subject to a man’s unfettered
command and that he is free to enjoy at his own option
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