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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.
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