MEMORANDUM FINDINGS OF FACT AND OPINION
COLVIN, Judge:
Respondent determined that petitioners have a $15,570 deficiency in income tax for 1995.
The issue for decision is whether petitioners operated their farm and horse-breeding activity for profit in 1995. We hold that they did not.
Section references are to the Internal Revenue Code in effect during the year in issue. Rule references are to the Tax Court Rules of Practice and Procedure...
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