Memorandum Findings of Fact and Opinion
RUWE, Judge:
Respondent determined a deficiency in petitioners' Federal income tax of $8,911.38 for the taxable year ending December 31, 1980.
The issues for decision are: (1) Whether petitioners' basis in Red Mountain VII, a limited partnership, is $8,000 or $32,000; (2) whether petitioners are entitled to claim any of the alleged $160,000 loss reported by Red Mountain VII in 1980 as a deduction from their...
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