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ERFURTH v. COMMISSIONER

Docket No. 15798-79.

77 T.C. 570 (1981)

HENRY ERFURTH AND EVELYN ERFURTH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 14, 1981.

Attorney(s) appearing for the Case

James F. Campion, for the petitioners.

Judith M. Picken, for the respondent.

OPINION

EKMAN, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for 1971 in the amount of $10,865.59. The sole issue for decision is whether petitioners may utilize nonbusiness capital losses in excess of nonbusiness capital gains to offset business capital gains in computing their net operating loss.

This case was submitted fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation...

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