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testimony above, petitioners did not introduce evidence to
identify the specific property sold on each of these dates, nor
did they identify whether they sold the property from Riviera or
Arizona Marine, or both, in each of these years.
On the Schedule D attached to their individual 1989 Federal
income tax return, petitioners reported capital gains of $32,087.
They claimed a short-term capital loss carryover of $139,384,
which eliminated their capital gains for 1989. They then claimed
a capital loss of $3,000 on line 13 of their 1989 Form 1040.
Respondent determined that petitioners were not entitled to a
short-term capital loss carryover of $139,384 because petitioners
had failed to establish their entitlement to the bad debt
deduction they claimed in a prior year. Respondent
correspondingly adjusted petitioners' 1989 income to include
$35,087 of capital gains.
Respondent's determinations in the statutory notice of
deficiency are presumed correct. Petitioners bear the burden to
prove error in those determinations. Rule 142(a); Welch v.
Helvering, 290 U.S. 111, 115 (1933).
With respect to the $205,029 bad debt deduction, petitioners
now concede that "such loss was not incurred in 1985 and that the
amount claimed is not correct. The actual loss was incurred in
1979, 1980, 1986 and/or 1988." Petitioners ask that the Court go
back to the years 1979, 1980, 1985, 1986 and/or 1988 to calculate
any loss they may have suffered in those years, so they may carry
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