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GREAVES v. COMMISSIONER

Docket No. 5492-78.

41 T.C.M. 468 (1980)

T.C. Memo. 1980-535

Wayne and Loy Greaves v. Commissioner.

United States Tax Court.

Filed December 4, 1980.

Attorney(s) appearing for the Case

Lewis P. Terrell, 2227 34th St., Lubbock, Tex. for the petitioners. Douglas R. Fortney, for the respondent.

Memorandum Findings of Fact and Opinion

FAY, Judge:

Respondent determined deficiencies of $89,327.37 and $522.62 in petitioners' Federal income taxes for 1973 and 1974, respectively. Because of concessions, the only remaining issue is whether petitioners suffered a deductible loss in 1973 when certain cotton allotments they had purchased were canceled by the Government.

Findings of Fact

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