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the property), which, when the item is sold, must be subtracted
from the proceeds of the sale in order to determine whether the
taxpayer realized any gain from the sale. Compare, e.g., sec.
1.471-3, Income Tax Regs. (“Inventories at cost.”) with secs.
1011(a), 1012.
Clearly, petitioner had documents that might have shown his
costs of acquiring his interests in Oxford and Kemper.
Petitioner, a lawyer admitted to practice before this Court,
offered those documents into evidence, but they were not received
because he had failed to comply with our standing pretrial order.
It is appropriate that petitioner bear the burden of producing
evidence to show that his bases in those assets were greater than
zero. Petitioner having failed to carry that burden, and the
Court having no way to reasonably estimate his bases, we conclude
that his bases were no greater than zero, and that he realized
gains of $3,407 and $1,507 from sales of his interests in Oxford
and Kemper, respectively.
c. Character of Gains
Respondent further argues that the gains on petitioner’s
interests in Oxford and Kemper, and the gains on petitioner’s
interests in Ford and Citicorp (totaling $4,939), are all short-
term capital gains, since petitioner has failed to prove that any
of those gains is attributable to an asset held for more than 1
year. See sec. 1222(1). Respondent is correct that there is
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