- 9 - 111, 115 (1933). Failure to produce evidence, in support of an issue of fact as to which a party has the burden of proof and which has not been conceded by such party’s adversary, may be a ground for deciding the issue against that party. Rule 149(b). Furthermore, section 6001 and section 1.6001-1(a), Income Tax Regs., require that the taxpayer keep permanent books of account or records that are sufficient to establish the amount of deductions claimed on the taxpayer’s returns. Mr. Beery testified at trial that a certified public accountant examined the financial status of his grain business in 1975, in conjunction with his Kansas bankruptcy, and estimated an NOL for that year of $1,517,999.8 Mr. Beery further testified that this figure is a matter of public record since a transcript of the accountant’s testimony was made during the Kansas 8The alleged NOL of $1,517,999 claimed by Mr. Beery at trial is unproven and was merely a rough estimate as outlined in In re Beery, 680 F.2d 705, 716-717 (10th Cir. 1982): In 1975 the evidence is much less precise. The accountants could not determine the amount of Beery’s grain sales, but estimated that they were $293,838. Using this number, as well as some other assumptions, Beery had an estimated net loss from farming of $23,000. Making similar assumptions with respect to Brownville Grain and commodities pursuits, the accountants estimated that Beery had a net loss from these ventures of $1,517,999. In making these estimates the accountants assumed that all claims filed against Beery in the bankruptcy court, and all receivables to which the estate thought it was entitled were valid. Thus, the net income figures for 1975 must be considered as rough estimates. [Citations and fn. refs. omitted.]Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
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