Steven K. Stoddard and Ellen M. Stoddard - Page 21




                                       - 21 -                                         
          their cost basis of $165,000 by the depreciation deductions                 
          allowed or allowable, whichever is greater, for each of the years           
          1993, 1994, and 1995 during which petitioners rented the condo.             
               We turn first to petitioners’ position regarding the im-               
          provements that they claim they made to the condo.  In support of           
          that position, petitioners rely on Ms. Stoddard’s testimony,                
          certain checks payable to Edensaw Woods, Peter Jones, Brian                 
          Callahan, and Spa Shops and on the 1993 loan application.                   
               Ms. Stoddard testified that the checks payable to Edensaw              
          Woods represented disbursements for “lumber and specialty wood              
          that we had put into the condominium in the form of ceiling                 
          timbers and a bookcase around the fireplace.”  However, the                 
          following handwritten notation appears on one of those checks:              
          “Quissett Charters”.  Ms. Stoddard testified that the checks                
          payable to Peter Jones and Brian Callahan represented disburse-             
          ments “for wages paid to them to build this bookcase and sur-               
          rounding hearth–-or it’s not a hearth, around the fireplace.”  It           
          is not clear from Ms. Stoddard’s testimony or from the checks on            
          which petitioners rely what she meant when she testified that the           
          wood purchased from Edensaw Woods was “put into the condominium             
          in the form of ceiling timbers”.  Nor is it clear from Ms.                  
          Stoddard’s testimony or from the checks on which petitioners rely           
          that the bookcase which was built around the fireplace in the               
          condo constitutes an improvement to the condo.  Assuming arguendo           
          that we were able to find on the instant record that the results            
          of the work in the condo about which Ms. Stoddard testified                 






Page:  Previous  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  Next

Last modified: May 25, 2011