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all Rule references are to the Tax Court Rules of Practice and Procedure.
Background
This case was submitted on a stipulation of facts and
supplemental stipulation of facts, and the stipulated facts are
incorporated in our findings by this reference. Petitioner
resided in Austin, Texas, at the time that he filed his petition.
Petitioner’s Investment in the Pay Phones
On June 7, 2001, petitioner entered into a contract with
American Telecommunications Co., Inc. (ATC), a wholly owned
subsidiary of Alpha Telcom, Inc. (Alpha Telcom), entitled
“Telephone Equipment Purchase Agreement” (ATC pay phone
agreement). Under the terms of the ATC pay phone agreement,
petitioner paid $10,000 to ATC, and ATC provided him with legal
title to the “telephone equipment” that was purportedly described
in an attachment to the ATC pay phone agreement entitled
“Telephone Equipment List”. The attachment, however, did not
identify any pay phones subject to the agreement. The ATC pay
phone agreement also included the following provision:
1. Bill of Sale and Delivery
a. Delivery by Seller shall be considered complete
upon delivery of the Equipment to such place(s) as are
designated by Owner.
b. Owner agrees to take delivery of Equipment within
(15) fifteen business days. If Seller has not
delivered the equipment within (90) ninety days, Owner
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