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petitioner’s annual accounting period and its taxable year.
Petitioner bears the burden of proof. See Rule 142(a)(1).1
FINDINGS OF FACT
Some facts have been stipulated and so found. The
stipulation of facts, with attached exhibits, is incorporated
herein by this reference.
Background
At the time the petition was filed, petitioner maintained
its business office in Mt. Kisco, New York. From 1962 until
November 1992, petitioner’s office was in New York City.
Thereafter, petitioner’s office was in Mt. Kisco, New York.
Petitioner is a successor to Ogden, Wechsler, & Co., a
partnership formed in 1947 by Charles Ogden and Mr. Wechsler’s
father (the partnership). The partnership was a broker-dealer
specializing in trading as a market maker or specialist and
retailing obscure and limited-float real estate securities.
Those securities traded sporadically in the over-the-counter
market. In January 1947, the partnership registered with the
Securities & Exchange Commission (SEC) to act in the capacity of
a broker-dealer. From 1947 through 1957, the partnership (1)
1 Sec. 7491, which, under certain circumstances, shifts the
burden of proof to the Commissioner, is inapplicable because the
examination in this case began before July 22, 1998, the
effective date of that section. See Internal Revenue Service
Restructuring and Reform Act of 1998, Pub. L. 105-206, sec.
3001(c), 112 Stat. 727.
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