POLITZ, Chief Judge:
John C. and Jean P. Smith, husband and wife, appeal the judgment of the tax court determining a deficiency of $123,930 in their joint income tax for 1987. We affirm.
Background
In 1981 John Smith and Robert L. Bennett incorporated Smith-Bennett Properties, Inc. for the purchase and development of real estate. Three years later the corporation and several other investors formed a joint venture, Spicewood Springs Venture...
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