Gano v. Commissioner
United States Board of Tax Appeals
1. Worthlessness is a fact to be established as are other facts in dispute. The facts on which petitioner predicates his conclusion of worthlessness must be presented and these facts must bring to the Board a conviction that the petitioner's conclusion was correct. 2. A sum paid to compromise a gambling debt is not an allowable deduction. 3. To establish fraud the evidence thereof must be clear and convincing - a mere preponderance is not enough.
1Opinion of the Court
*526OPINION.
Van Fossan :
In the evidence in this case we find numerous con-flictions. We are confronted with irreconcilable divergences between statements of the same witness respecting the same subject matter on different occasions. Sworn statements in affidavits differ widely from sworn testimony given at the hearing, and both differ widely from the book records and the sworn returns. In some instances three or four or more varying explanations appear where only one can be correct. Such inaccuracy and unreliability, to characterize it by no harsher term, can lead only to one conclusion. We are…
2Cited by204 opinions
- Stone v. CommissionerUnited States Tax Court · 1971
- Otsuki v. CommissionerUnited States Tax Court · 1969
- Haldane M. Plunkett v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1972
- Stratton v. CommissionerUnited States Tax Court · 1970
- Estate of Beck v. Comm'rUnited States Tax Court · 1971
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