The respondent determined a deficiency in the petitioners' income tax for the year 1948 in the amount of $2,427.78. The issues are (1) whether the petitioners are entitled to a loss deduction of $134,009.53, either under section 23 (e) (1) or section 23 (e) (2) of the 1939 Internal Revenue Code, as a result of the alleged nationalization in 1948 of a quantity of veneers located in Budapest, Hungary; (2) whether the petitioners are entitled to a long-term capital loss in the...
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