- 8 -
Although after May 28, 1996, petitioner used the floating
structures approximately 10 times a year for personal purposes,
including the storage of his boat and jet skis, he paid $80,717
out of his own pocket to construct the floating structures.9
Consequently, his interest (approximately 30 percent) in the
structures allowed him a reasonable amount of personal use
without conferring an economic gain or benefit upon him. The
record does not indicate petitioner used the floating structures
in an unreasonable manner.
Therefore, this Court finds petitioner did not receive an
economic gain or benefit from his personal use of the floating
structures. Accordingly, petitioner did not receive a
constructive dividend for the amounts VVI paid to construct the
floating structures.
The Court, in reaching its holding, has considered all
arguments made and concludes that any arguments not mentioned
above are moot, irrelevant, or without merit.
To reflect the foregoing,
Decision will be entered
for petitioner.
9 Total cost of constructing the floating structures was
$266,044, of which VVI and petitioner paid approximately 70
percent ($185,327) and 30 percent, respectively.
Page: Previous 1 2 3 4 5 6 7 8
Last modified: November 10, 2007