- 9 - Cir. 1990), affg. in part, revg. in part and remanding T.C. Memo. 1988-373. On petitioner’s 1996 return, petitioner reported gross receipts on his Schedule C of $45,600. According to petitioner’s petition he claims that gross receipts for 1996 were overstated by $11,022. At trial, petitioner offered bank deposit records from Nations Bank/Bank of America for 1996 and further testified that a portion of his income (or amounts deposited in his personal checking account) for 1996 was from cash advances from an unspecified credit card. Petitioner offered no evidence showing the amounts, dates, or the source of the purported cash advances. Petitioner also failed to provide the alleged invoices or purchase orders that would substantiate petitioner’s gross receipts for 1996. The total deposits into his personal checking account during that year were $46,382.89, approximating the gross receipts of $45,600 reported on Schedule C of his return. Petitioner’s naked assertion that the amounts deposited in his account are overstated is unpersuasive. The Court has discretion to disregard testimony which we find self-serving. Niedringhaus v. Commissioner, 99 T.C. 202, 212 (1992). Upon the basis of the record, we find that petitioner did not overstate his income during the 1996 tax year. To reflect the foregoing, Decision will be entered under Rule 155.Page: Previous 1 2 3 4 5 6 7 8 9
Last modified: May 25, 2011