- 8 -
The check register shows only one entry that relates
directly to a payment on the condo. The entry reads: “Dep. to
7942 acct 5/27/00 4,000.00 from Dan Gray, Less $2,000.00 for
Condo, approx Bal. 3591.00.” A comparison of the check register
to the bank statement shows that Mrs. Tiernan was the payee of
check No. 2057, dated May 30, 2000, for $2,000 (check No. 2057).
Petitioner urges the Court to infer from the entry that
petitioner has been making payments on the principal and the
interest under the “note”.
It is unclear which portion of check No. 2057, if any, would
constitute interest because interest was unstated under the
“note”. At trial, petitioner failed to explain how he had
determined the interest component for each payment, or how he had
calculated that he paid a home mortgage interest expense of
$6,600 for 2000. Petitioner relies solely on his uncorroborated
testimony that the interest due and paid under the “note” for
2000 was $6,600.
Even if petitioner had paid any interest under the “note”,
it is not deductible because the Court is not persuaded that
petitioner was the equitable owner of the condo in 2000. Other
than check No. 2057, the check register shows no other payments
to Mrs. Tiernan or payments related to the condo. Petitioner did
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011