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are legion that individuals required by the Internal Revenue Code
to file a return must file a return and pay tax. E.g., Bassett
v. Commissioner, 67 F.3d 29, 31 (2d Cir. 1995), affg. 100 T.C.
650 (1993); Stubbs v. Commissioner, 797 F.2d 936, 938 (11th Cir.
1986); Steinbrecher v. Commissioner, 712 F.2d 195, 198 (5th Cir.
1983), affg. T.C. Memo. 1983-12; United States v. Chrane, 529
F.2d 1236, 1237 (5th Cir. 1976); Hatfield v. Commissioner, 68
T.C. 895, 898 (1977); Hicks v. Commissioner, T.C. Memo. 1992-649;
Zegel v. Commissioner, T.C. Memo. 1989-522.
Petitioner’s claim that he has no obligation to file a
return or pay any tax is without merit, and we reject it.
III. Petitioner’s Gain
At issue is the amount of petitioner’s gain from the sale of
the securities. At trial, petitioner conceded that, during 2000,
his brokerage account at Solomon Smith Barney (Smith Barney) was
credited with $225,390, the proceeds from sales of the
securities. He claimed, however, that, the securities were sold
at a net loss of $18,888 and, taking into account fees in the
amount of $1,400 he paid Smith Barney, his total loss on the
sales of the securities was more than $20,000. Petitioner
determines that he suffered a net loss on the sales of the
1(...continued)
threshold for which a return was required from an individual for
2000, no matter what the individual’s filing status (single,
married filing jointly, etc.). See Instructions accompanying
2000 Form 1040, U.S. Individual Income Tax Return, p. 15.
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