Memorandum Findings of Fact and Opinion
SCOTT, Judge:
Respondent determined a deficiency in petitioners' income tax for their taxable year 1966 in the amount of $3,369.44.
The issues for our decision are:
(1) Whether petitioners may deduct in full in 1966 their loss arising from the demolition of three old buildings, or whether the loss must be amortized over a 12-year period representing the term of a lease entered into prior to the demolition...
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