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O'BRIEN v. COMMISSIONER

Docket No. 13505-79.

77 T.C. 113 (1981)

NEIL J. O'BRIEN AND PATRICIA M. O'BRIEN, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 27, 1981.

Attorney(s) appearing for the Case

Jimmy L. Heisz, for the petitioners.

Rebecca W. Wolfe, for the respondent.

FEATHERSTON, Judge:

Respondent determined a deficiency in the amount of $10,447.92 in petitioners' Federal income tax for 1976. The sole issue for decision is whether the loss on petitioner Neil J. O'Brien's withdrawal from a partnership was a capital or ordinary loss.

FINDINGS OF FACT

Petitioners Neil J. O'Brien (petitioner) and Patricia M. O'Brien, husband and wife, were legal residents of Dallas

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