JACOBS, Judge:
Respondent determined deficiencies in petitioners' Federal income taxes for the taxable years 1976, 1977, 1978 and 1979 as follows:
Taxable Year Deficiency 1976.............. $68,841 1977.............. 61,974 1978.............. 8,109 1979.............. 17,337
The issue for decision is whether petitioners may claim a deduction for a bad debt in 1979
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