T.C. Memo. 2001-254
UNITED STATES TAX COURT
JACK AND JANET FREEMAN, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 13195-99. Filed September 28, 2001.
William E. Dannemeyer, for petitioners.
James J. Posedel, for respondent.
MEMORANDUM OPINION
WHALEN, Judge: Respondent determined a deficiency
in petitioners' Federal income tax for 1994 of $77,415.
Petitioners filed the instant petition seeking
redetermination of that deficiency. They resided in Los
Alamitos, California, at the time. We must decide the
following three substantive issues: (1) Whether
petitioners are entitled, pursuant to section 104(a)(2),
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