- 6 -
$11,637.50; there was, therefore, a short-term capital gain of
$3,736.50. With respect to the May 16, 1997, sale, this stock
was purchased on January 28, 1997, for $15,287 and sold for
$15,424, resulting in a short term capital gain of $137. With
regard to the September 19, 1997, sale, petitioner owned no
shares of IBM stock and this must have been a short sale that was
covered on September 26, 1997 (200 shares for $20,500) and on
October 28, 1997 (400 shares for $38,975) with income realized in
the amount of $548 ($59,923 - ($20,500 + $38,875)). To the
extent, however, that any of these transactions were included in
paragraph 10 of the Stipulation of Facts and are inconsistent
with that stipulation, the stipulation will control in the Rule
155 computation.
2. Other Issues
Initially, we observe that petitioner has the burden of
proof.4 When this case was called from the calendar on February
4, 2002, there had been no meaningful communication with
respondent’s counsel. Petitioner was instructed to get his
records and meet with counsel for respondent that day.
Petitioner did obtain some records and met with counsel. The
case was recalled on February 5, 2002, and set for trial 8 days
4 Sec. 7491(a)(1) places the burden of proof on respondent in
certain cases. Petitioner, however, has not satisfied the
requirements of sec. 7491(a)(2). Accordingly, sec. 7491(a)(1)
has no bearing on the resolution of this case.
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