Roger and Sharon Wortmann, et al. - Page 10

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          contribution that petitioners each carried forward to 1999 and              
          2000.  Petitioners timely filed petitions claiming that                     
          respondent erred in reducing the $475,000 valuation to $76,200,             
          even though they, through TRY, had paid $75,000 for the subject             
          property6 only 17 months before the date of donation.                       
                                       OPINION                                        
               The sole issue in this case is the fair market value of the            
          subject property on October 29, 1998, the date TRY donated the              
          subject property to TRRC.  Respondent asserts the subject                   
          property had a value of $76,200, while petitioners maintain the             
          subject property had a value of $475,000, even though they,                 
          through TRY, purchased the subject property and personal property           
          17 months earlier for $75,000.  We begin with the burden of                 
          proof.                                                                      
          I.   Burden of Proof                                                        
               In general, the Commissioner’s determinations in the                   
          deficiency notice are presumed correct, and the taxpayer bears              
          the burden of proving that the Commissioner’s determinations are            
          in error.  See Rule 142(a); Welch v. Helvering, 290 U.S. 111, 115           
          (1933).  The burden of proof may shift to the Commissioner under            
          certain circumstances, however, if the taxpayer introduces                  
          credible evidence and establishes that he or she substantiated              
          items, maintained required records, and fully cooperated with the           


               6We note that petitioners paid $75,000 for the subject                 
          property plus personal property that remained.  The personal                
          property component is not in dispute.                                       




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