Mazhar Tabrezi, f.k.a. Agha Hussain, and Sajida Razvi - Page 11

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          failed to meet his burden, it is unnecessary for us to decide               
          whether petitioners’ liabilities on the calculation date were               
          greater than the amount respondent conceded.                                
               Because he introduced a new matter, respondent has the                 
          burden under Rule 142(a) of proving that petitioners were                   
          insolvent.  Rule 142(a).  Respondent failed to meet that burden.            
          We therefore hold that no COD income is includable in                       
          petitioners’ gross income for the year in suit.  In addition,               
          because we find  there is no COD income, there is no addition to            
               To reflect petitioners’ concession of the dividend income,             
          and the foregoing,                                                          

                                                  Decision will be                    
                                             entered under Rule 155.                  

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Last modified: May 25, 2011