William Lenihan - Page 18

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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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