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distributed. We could accept petitioner’s estimate of the value
of the land and respondent’s estimate of the value of the
improvements, except by doing so the overall value would then
exceed the estimate of each party.
Under the circumstances, we accept respondent’s estimate of
the fair market value of the Mystic Lake property. In so doing
we find the resulting capital gain realized by CWS to be $38,990
($168,489 fair market value as determined here, minus $129,499
adjusted basis of the property, as stipulated). Therefore, in
accordance with the foregoing, we sustain respondent’s
determination that shareholder pro rata capital gain income from
CWS is understated on petitioner’s 1995 return. In addition, we
sustain respondent’s determination that shareholder pro rata
ordinary income from CWS is understated on petitioner’s return
for each year in issue.
2. Claim for Relief Under Section 6015
In general, “spouses filing a joint tax return are each
fully responsible for the accuracy of their return and for the
full tax liability.” Butler v. Commissioner, 114 T.C. 276, 282
(2000); see sec. 6013(d)(3). “Section 6015, however, provides
various means by which a spouse can be relieved of this joint and
several obligation.” Alt v. Commissioner, 119 T.C. 306, 311
(2002). Petitioner makes a claim for such relief in this case
under section 6015(c) and (f) in the petition filed in this case.
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