Nicholas M. Romer - Page 16




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                    BILL FRAIZER:  Okay.                                              
                    NICK ROEMER [Romer]:  You know, your trips out to,                
               wherever.                                                              
                    DAVE HAMILTON:  Uh-huh.                                           
                    BILL FRAIZER:  Yeah.                                              
                    NICK ROEMER [Romer]:  And you deduct all of your                  
               personal flying on it.  When I’d fly my airplanes, I                   
               used to take a lot of ski trips out to Colorado.  And                  
               I, and I deduct all of the fuel and all of the expenses                
               associated with those, and those were just nothing but                 
               going out skiing for the weekend.                                      
                    DAVE HAMILTON:  Sure.                                             
                    BILL FRAIZER:  Sure.                                              
                    NICK ROEMER [Romer]:  So, in terms of the income                  
               tax side of it, you can really put a big hole in your                  
               tax return with an airplane.  And as long as you’re                    
               spending other money having fun doing other things.                    
               You go down to Florida deep sea fishing or something,                  
               you take an airplane down there.  The IRS has no                       
               knowledge of what the purpose of that trip was.                        
          Particularly in the light of these damning admissions, we do not            
          believe petitioner’s testimony that he used the aircraft                    
          exclusively for business purposes.                                          
               Petitioner argues that his credit card receipts substantiate           
          business purposes for all the aviation fuel he purchased on his             
          credit card.  The receipts do not substantiate business purposes            
          directly.  Petitioner argues, however, that entries in his flight           
          logbooks complete the picture.  The photocopied pages of flight             
          logbooks placed into evidence by petitioner contain several                 
          columns of information including, generally, the dates of                   
          flights, the make and model of the aircraft flown, and where the            





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