- 15 - evidence is equally balanced, the court shall find that the Secretary has not sustained his burden of proof. [Emphasis added.] S. Rept. 105-174, at 45-46 (1998), 1998-3 C.B. 537, 581-582. Petitioners contend that petitioner had a $149,200 cash hoard on December 31, 1996. Thus, we first decide whether petitioners introduced evidence of petitioner’s cash hoard which, after critical analysis, we would find sufficient upon which to base a decision on the issue if no contrary evidence were submitted (without regard to the judicial presumption of IRS correctness). See id. at 46, 1998-3 C.B. at 582. 2. Petitioners’ Evidence Petitioner testified that he accumulated a cash hoard over a 30-year period from his various jobs and from selling two houses he owned. He introduced bank records showing that he had a safe deposit box which he entered 53 times from December 1987 to March 1998. Danney Sykes and Gary Sykes each testified that they saw petitioner with a large amount of cash on several occasions. Petitioner testified that, by 1970, he had saved $4,000 from working at a store and doing odd jobs, and that, by 1971, he had saved another $3,000 from working at a pallet mill and as a tree trimmer. He said that he saved about half of his income from International Paper from 1973 to 1981 and that he had saved $54,000 from International Paper by 1981. He testified that he saved $6,000 from a settlement he received from InternationalPage: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
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