Memorandum Findings of Fact and Opinion
MULRONEY, Judge:
Respondent determined deficiencies in petitioners' income tax for the years 1961, 1962 and 1963 in the respective amounts of $2,203.48, $2,285.67 and $2,169.54. The only issue is whether petitioners are entitled to deduct losses incurred by them during those years in the breeding of Arabian horses.
Findings of Fact
Some of the facts were stipulated and they are so found.
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