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OPINION
Petitioner has neither claimed nor shown that he satisfied
the requirements of section 7491(a)3 to shift the burden of proof
to respondent with regard to any factual issue. Accordingly,
petitioner bears the burden of proof. See Rule 142(a).
Interest
Gross income includes all income from whatever source
derived, including interest. Sec. 61(a)(4). Petitioner
stipulated that during 2001 he received $2,301 of interest from
Bank One.
Petitioner relies on his own testimony to establish that a
portion of the interest he received in 2001 from Bank One is not
taxable. We found petitioner’s testimony to be general, vague,
conclusory, and/or questionable in certain material respects.
Petitioner claims he earned only $241 in interest from Bank
One in 2001 because the total value of the CDs was $30,000 and
the annual interest rate was 7.7 percent. Accordingly,
petitioner conceded $241 of the $2,301 in interest determined by
respondent. It is unclear, however, how petitioner calculated
the $241. He claims he received interest for only 42 days, until
February 12, 2001 (the date the three CDs matured), in 2001, and
3 Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for the year in issue, and
all Rule references are to the Tax Court Rules of Practice and
Procedure.
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Last modified: May 25, 2011