- 11 - 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. Conclusion 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 tax. To reflect petitioners’ concession of the dividend income, and the foregoing, Decision will be entered under Rule 155.Page: Previous 1 2 3 4 5 6 7 8 9 10 11
Last modified: May 25, 2011