Memorandum Findings of Fact and Opinion
ATKINS, Judge:
The respondent determined a deficiency in income tax for the taxable year 1960 in the amount of $22,657.45. The issue for decision is whether the respondent erred in determining that a loss of $46,000 sustained by the petitioner when certain property was foreclosed in 1963 constituted a capital loss which, under section 172(d)(2) of the Internal Revenue Code of 1954, would not be taken into account in...
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