- 8 -
1965-247, affd. per curiam 359 F.2d 64 (1st Cir. 1966).
Otherwise, there would be no way of knowing whether the sum of
the losses deducted on the return is greater or less than the
taxpayer's winnings. Schooler v. Commissioner, supra at 869.
Petitioner did not maintain a diary or any other
contemporaneous record reflecting either his winnings or his
losses from gambling during the 2000 taxable year. The only
evidence presented at trial was petitioner's testimony, on which
we decline to rely.
Although the Court acknowledges that petitioner most likely
had some gambling losses during the year, we are unable to
determine (either with specificity or by estimation) the amount
of those losses on the basis of the record at hand. Petitioner
has not met his burden of proof on this issue. See Mayer v.
Commissioner, T.C. Memo. 2000-295, affd. 29 Fed. Appx. 706 (2d
Cir. 2002); Zielonka v. Commissioner, T.C. Memo. 1997-81; see
also Finesod v. Commissioner, T.C. Memo. 1994-66.
C. Petitioner's Business Losses
The Schedule C attached to petitioner's "amended return"
reported trade or business expenses that resulted in a loss of
$11,900 for his newsstand business. Petitioner claimed
entitlement to this business loss for the first time shortly
before trial and argued the issue at trial. Respondent
questioned petitioner regarding substantiation of the expenses.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011