Memorandum Findings of Fact and Opinion
FAY, Judge:
Respondent determined a deficiency of $51,054.26 in petitioners' Federal income tax for 1973. 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
Some of the facts were stipulated and are found accordingly. This case was consolidated...
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