Memorandum Findings of Fact and Opinion
TANNENWALD, Judge:
Respondent determined a deficiency of $4,341.21 in petitioners' income tax for the taxable year 1971. The sole issue is whether the petitioners are entitled to deduct a loss on the sale of their residence under section 165(c)(2).
Petitioners are husband and wife and resided in Summit, New Jersey, at the time the petition herein was filed. They filed a joint Federal...
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