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account is entitled “Walter Medlin” and “Re $ Partin”.61 Lines 3
through 6 of that ledger card contain the following notations:
Date Name Memo Received Disbursed
9-16-86 Michael Bast Medlin/Partin $84,521.63 --
9-16-86 Natl. Land & Inv. Inc Medlin/Partin 1,000.00 --
9-18-86 Transferred to Partin
Sybil card -- -- $84,521.63
9-18-86 Transferred to Partin
Sybil card –- -- 1,000.00
Respondent determined that the deposit of $84,521.63 was taxable
as income to petitioner for 1986.
OPINION
Petitioner contends that he did not receive the benefit of
the deposit of $84,521.63 on September 16, 1986, that the amount
deposited related to a transaction between Michael Bast and Sybil
Partin that did not involve petitioner, that the entry on the
ledger card was a mistake, and that this mistake was corrected 2
days later with a transfer to the correct ledger card.
At trial, petitioner testified that he did not receive any
of the proceeds of the $84,521.63 deposit and that he had no
interest in the sale of property from Ms. Partin to Mr. Bast.
Petitioner testified that the entry on the Medlin/Partin ledger
card must have been a mistake:
And because of my relationship with Mike and
having a real estate license and being interested in
real estate as well as his cattle business, I kind of
61This ledger card relates to ledger card No. 70043, which
has its title line partially cut off. The title line does show
“Partin”, “P.O. Box 521 Kissimmee, FL”, and lists the “Adverse
Party” as “Partin Property”.
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