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Respondent concedes that Laney suffered a capital loss that,
under section 165(f), could be deducted and carried over within
the limits of sections 1211 and 1212. Respondent further
concedes that “the amount of loss available for carryforward as
of 1986 is $90,578.21". Petitioners have not reported any
capital gains or losses for 1986, 1987, or 1988. Under section
1211(b)(1), petitioners are entitled to deduct against ordinary
income up to $3,000 of this capital loss carryover for each of
the years before the Court.
It is evident that respondent’s concession exceeds the
maximum amount that petitioners could deduct for the entire
period before us. Accordingly, even if we were to conclude that
petitioners are entitled to carry over a greater amount of loss
than respondent has conceded, any such conclusion could not
result in any greater deduction by petitioners for any of the
years in issue, and so any such conclusion could not affect the
decision to be entered in the instant case.
As a result, we decline to determine in the instant case
whether petitioners are entitled to a greater capital loss
carryover than respondent has conceded. Chevron Corp. v.
14(...continued)
explanations of only a small portion of his 1,300-plus exhibits,
do not leave us in a position to determine on the record in the
instant case whether petitioners would be entitled to deductions
under sec. 195 that would affect any of the years in issue.
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