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After concessions,2 the issues to be decided are:
A. Issues With Respect to Petitioners Douglas R. Prince and
Jane E. Prince3
1. Whether petitioners Douglas R. Prince and Jane E.
Prince have substantiated their claimed deduction for certain
interest for their 1988 taxable year as a part of a loss
carryback to their 1987 taxable year;
2. whether a certain loan from a pension plan is
includable in their gross income pursuant to section 72(p) for
their 1988 taxable year;
2 The notice of deficiency that was sent to petitioners
Douglas R. Prince and Jane E. Prince listed adjustments to income
for their taxable years 1986, 1987, and 1988. Respondent,
however, determined a deficiency in their income for only taxable
year 1987. Prior to and during trial, the parties stipulated all
of the adjustments to taxable year 1986 and most of the
adjustments to taxable years 1987 and 1988. We note that some of
the stipulations are based upon amounts that are different than
those set forth in the notice of deficiency.
The notice of deficiency that was sent to petitioner Douglas
R. Prince, D.D.S., M.S., P.C. listed adjustments to income for
its taxable years ended June 30, 1986; June 30, 1987; Dec. 31,
1987; and Dec. 31, 1988. The parties stipulated most of the
adjustments for the taxable years in issue. Additionally,
respondent conceded that petitioner Douglas R. Prince, D.D.S.,
M.S., P.C. is entitled to additional recovery deductions pursuant
to section 168, which were not included in the notice of
deficiency.
3 In their petition, petitioners disputed respondent's
determinations concerning the alternative minimum tax for taxable
year 1987 and the percentage limitations on passive activity
losses for taxable years 1987 and 1988. Petitioners, however,
make no argument on brief concerning these issues. Consequently,
we consider such issues to have been conceded. Rybak v.
Commissioner, 91 T.C. 524, 566 (1988).
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