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Trust Co. of N.Y. (USTCNY); (3) whether petitioner had taxable
income in 1990 in the amount of $408,623 as a result of a purported
distribution from his IRA at USTCNY; (4) whether petitioner is
entitled to any losses or deductions in 1992 as a result of a
forced Internal Revenue Service (IRS) tax sale of his personal
residence; (5) whether petitioner is entitled to $47,418 of
ordinary losses in 1993 as a result of forced IRS tax sales of
three of his New Mexico properties; (6) whether petitioner is
entitled to any other deductible losses during the years in issue;
and (7) whether petitioner is liable for the additions to tax
pursuant to sections 6651(a)(1) and 6654(a) for all the years in
issue.3
All section references are to the Internal Revenue Code in
effect for the years in issue. All Rule references are to the Tax
Court Rules of Practice and Procedure.
Some of the facts have been stipulated, and the stipulations
of facts are incorporated in our findings by this reference.
3 In his posttrial brief, petitioner raised for the first
time: (1) That respondent's deficiency determination for 1988 is
arbitrary and capricious; and (2) that he is entitled to a
casualty loss for 1991 as a result of damage to his airplane
arising from a midair collision. Both of these matters were
untimely raised. Nevertheless, we conclude that respondent's
1988 deficiency determination is not arbitrary or capricious and
that there is nothing in the record to support petitioner's
entitlement to a casualty loss for 1991.
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