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determinations wrong.5 Rule 142(a); Welch v. Helvering, 290 U.S.
111, 115 (1933). Petitioner did not meet this burden and, in
fact, “[p]etitioner has not established the factual allegations
in its petition which are material and essential.” Wichita
Terminal Elevator Co. v. Commissioner, 6 T.C. 1158, 1165 (1946),
affd. 162 F.2d 513 (10th Cir. 1947). Petitioner offered no
persuasive evidence to support its claims and refute respondent’s
determination. See Wood Corp. v. Commissioner, 22 B.T.A. 1182
(1931) (requiring some evidentiary showing because “[t]he
adequate presentation of pertinent facts is the burden assumed by
the petitioner * * *. * * * [and a] decision favorable to its
contentions can not rest on assumption or speculation. It must
rest on facts.”), affd. 63 F.2d 1023 (6th Cir. 1933).
Petitioner’s self-serving assertions are insufficient. See
Tokarski v. Commissioner, 87 T.C. 74, 77 (1986) (stating “we are
not required to accept the self-serving testimony of petitioner *
* * as gospel.”). Petitioner failed to meet its burden of proof,
and, consequently, the Court must side with respondent.
5 The burden of proof may, under certain circumstances,
shift to the Commissioner under sec. 7491(a) if the taxpayer
introduces credible evidence with respect to any factual issue
relevant to ascertaining the taxpayer’s income tax liability.
See Higbee v. Commissioner, 116 T.C. 438, 441 (2001). The burden
of proof is not shifted to respondent in this case, because,
inter alia, petitioner neither alleged that sec. 7491(a) is
applicable nor introduced any credible evidence with respect to
any factual issue relevant to ascertaining its income tax
liability. See id.
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