Memorandum Findings of Fact and Opinion
ARNOLD, Judge:
Respondent determined a deficiency of $610.50 in petitioner's income tax for 1940. This resulted from the disallowance of a deduction of $1,500 taken on the return as a loss from the sale of property other than capital assets. The petitioner claimed the loss as resulting from the sale for $3,500 of a diamond necklace inherited from his aunt and valued for estate tax and state inheritance tax purposes...
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