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63 T.C. 736, 740 (1975), affd. without published opinion 523 F.2d
1053 (5th Cir. 1975). Petitioner did not introduce any evidence
at trial which would support a finding that any of his stock or
securities were stolen. To the contrary, the record shows that
the loss petitioner sustained resulted from the sale of his stock
to satisfy his margin requirement. Petitioner has failed to
establish that he is entitled to a theft loss. See, e.g., Marr
v. Commissioner, T.C. Memo. 1995-250.
3. Net Operating Losses
On his return for 1988, petitioner claimed a net operating
carryover deduction in the amount of $58,462. In her notice of
deficiency, respondent disallowed the NOL deduction for 1988.
Petitioner offered no evidence or testimony at trial with
respect to the source or how he arrived at this deduction.
Petitioner's 1988 tax return simply shows "Net Operating Loss
(1987) $58,461.95". Furthermore, petitioner's return for the
1987 year reflects that his $123,801 loss from his stock activity
was fully offset by his wages and other income.
Petitioner contends that he sustained the NOL from his stock
activity in which he was either a dealer or a trader. Respondent
contends that petitioner is not entitled to the NOL deduction
claimed for 1988 because he presented no evidence to substantiate
the claimed NOL carryover from 1987. We agree with respondent.
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