Memorandum Findings of Fact and Opinion
WELLS, Judge:
Respondent determined a deficiency in petitioners' tax for 1976 and 1977 in the amounts of $88,990.48 and $27,642.09, respectively. The issues are (1) whether gains and losses from certain commodity straddle transactions should be disallowed; (2) whether petitioners are entitled to a casualty loss deduction in excess of that allowed by respondent for a fire in their residence; and (3) whether petitioners...
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