The respondent determined a deficiency in income tax against the petitioner for the taxable year ending December 31, 1947, in the amount of $7,902.14, most of which is here in controversy.
The issue before us is whether the petitioner is entitled to deduct $8,500 as a loss from theft in the taxable year 1947.
FINDINGS OF FACT.
The petitioner resides in New York, New York, and for the calendar year 1947 filed his Federal income tax return with the...
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