Respondent determined a deficiency in petitioners' income tax for the year 1964 in the amount of $3,056. Two issues are presented: (1) Whether petitioners sustained a theft loss, deductible under section 165, I.R.C. 1954, due to a change adopted in a retirement pension plan of a corporation of which petitioner Joseph M. Sperzel was an employee, and (2) whether petitioners must report as long-term capital gain the cash surrender values of certain insurance policies which vested...
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