Memorandum Findings of Fact and Opinion
WILES, Judge:
Respondent determined a $3,105.00 deficiency in petitioners' 1974 Federal income taxes. The only issue we must decide is whether petitioners purchased and held their condominium as an activity engaged in for profit. If so, they are entitled to deduct the entire amount of expenses and depreciation incurred.
Findings of Fact
Petitioners were residents of Indianapolis, Indiana, when they...
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