- 123 -
Income item Amount
Gain from sale of Lot 1 in
Susan’s Lakefront Estate $20,097
Installment gain from sale of 3 lots
in Florida Fruit Belt Subdivision 28,347
Installment gain from Silver Lake sale 6,144
Gain from sale of Wax Myrtle trees 400
Interest income from Silver Lake mortgage 6,773
Commission income 37,500
Rental income 1,250
Total 100,511
Those items are conceded by petitioner’s own statement on brief
that “any issues not raised in Petitioner’s Brief are also
conceded by Petitioner”.80 Respondent has produced affirmative
evidence for each of the items conceded, and he has proven those
items of income by clear and convincing evidence.
Respondent’s determination that petitioner realized $30,925
in 1985 from the sale of an installment obligation to his father
is supported by clear and convincing evidence in the record: (1)
An assignment of mortgage relates that the mortgage along with
the “note or obligation” and “the moneys due and to become due
thereon” were being transferred “in consideration of the sum of”
$36,000 received from Charles Medlin; (2) the form of the
transaction was a sale of an installment note, which is evidenced
by petitioner’s instructions to the mortgagor to make direct
payments to his father.
80See Brodsky v. Commissioner, T.C. Memo. 2001-240
(taxpayer’s failure to contest certain amounts of undisputed
income determined by respondent establishes underpayment by clear
and convincing evidence).
Page: Previous 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 NextLast modified: May 25, 2011