Eugene Clark - Page 9

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          Cir. 1990), affg. in part, revg. in part and remanding T.C. Memo.           
               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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