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OPINION
I. Burden of Proof
A. Introduction
Petitioner’s argument that respondent bears the burden of
proof with respect to the constructive dividend and liquidating
dividend issues ostensibly raises two additional issues: (1)
whether such argument, initially set forth in petitioner’s post-
trial opening brief, is timely and (2), if timely, whether it is
sustainable on the ground that respondent’s determinations are
arbitrary and, therefore, invalid. For the reasons set forth in
subsections B and C of this section I, we find it unnecessary to
resolve those issues or even to assign the burden of proof with
respect to the constructive dividend and liquidating dividend
issues.
B. The Constructive Dividend and Liquidating Dividend
Issues Are Resolved on the Basis of Agreed Facts
The facts upon which we base our decision with respect to
both the constructive dividend and liquidating dividend issues
are not in dispute.
1. Constructive Dividend Issue
In the notice, respondent determined that petitioner
received constructive dividends equal to the entire amount
charged to 2618's general ledger account entitled “Business
Promotion/Travel”. Respondent has conceded the deductibility of
the amounts charged to that account in excess of amounts
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