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E. Whether Petitioner Realized $5,369 of Capital Gains From the
Sale of Stock in 1993
Respondent determined that petitioner is liable for capital
gains tax on $5,369 of capital gains that he realized from the
sale of stock in 1993. Petitioner contends that he had a $34,000
loss from the sale of stock in 1993 that offset any gain he may
have had in that year. We disagree.
Petitioner offered no evidence to corroborate his claim that
he had a $34,000 loss. We are not convinced that petitioner had
a $34,000 loss from the sale of stock in 1993.
Petitioner contends that proof of his claim that he had
losses in 1993 on stock sales can be obtained from his stock
brokerage firm. Petitioner did not identify the stock brokerage
firm. The record is now closed. Petitioner has not shown that
the brokerage records were not available for use at trial or
could not have been obtained with reasonable diligence. Merely
alleging that evidence can be obtained is not a sufficient basis
to reopen the record. See Zenith Radio Corp. v. Hazeltine
Research, Inc., 401 U.S. 321, 332-333 (1971); Purex Corp. v.
Procter & Gamble Co., 664 F.2d 1105, 1109 (9th Cir. 1981); Mayer
v. Higgins, 208 F.2d 781, 783 (2d Cir. 1953); Calcutt v.
Commissioner, 91 T.C. 14, 25 (1988); Dean v. Commissioner, 56
T.C. 895, 900 (1971).
We conclude that petitioner is liable for capital gains tax
on $5,369 that he realized from the sale of stock in 1993.
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