- 8 - and could not have negotiated the check. According to petitioner, because respondent failed to rebut this contention by producing the relevant canceled check from State Farm, the income is not includable in his 1992 income. We disagree. We consider it significant that the income now in dispute was originally reported on petitioner’s 1992 return. Although the circumstances surrounding the preparation and filing of that return are less than routine, we are not persuaded that the items of income shown on petitioner’s return are incorrect and reported out of convenience, rather than correct and reported as required. “Statements made on a tax return signed by the taxpayer have long been considered admissions, and such admissions are binding on the taxpayer, absent cogent evidence indicating they are wrong.” Pratt v. Commissioner, T.C. Memo. 2002-279 (citing Waring v. Commissioner, 412 F.2d 800, 801 (3d Cir. 1969), affg. T.C. Memo. 1968-126; Lare v. Commissioner, 62 T.C. 739, 750 (1974), affd. without published opinion 521 F.2d 1399 (3d Cir. 1975); Rankin v. Commissioner, T.C. Memo. 1996-350, affd. 138 F.3d 1286 (9th Cir. 1998)). Disregarding petitioner’s self-serving and uncorroborated testimony on the point, see Niedringhaus v. Commissioner, 99 T.C. 202, 212 (1992), we find no cogent evidence that petitioner erroneously included in his 1992 income the income reported on the Form 1099 issued by State Farm.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011