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required to accept a taxpayer's self-serving testimony in the
absence of corroborating evidence. See Niedringhaus v.
Commissioner, 99 T.C. 202, 212 (1992). Respondent is sustained
on this issue.
2. Schedule D Deductions
Petitioners claimed a Schedule D short-term capital loss
deduction in the amount of $3,000. Pursuant to section 1211(b),
a taxpayer other than a corporation is limited to $3,000 in net
capital losses in any given tax year. Under section 1212 any net
capital losses that are disallowed as a result of the limitation
in section 1211 may be carried forward to the next taxable year.
At trial, petitioners submitted a Form 1099-B which listed
aggregate losses of $7,547.55 from futures contracts.
Petitioners reported a Schedule D capital loss of $7,543 on their
revised 1995 Form 1040.4
Accordingly, we hold that petitioners have substantiated and
are entitled to claim a net short-term capital loss deduction of
$3,000 for 1995 pursuant to section 1211(b).
3. Addition to Tax for Failure To File a Timely Return
Petitioners filed their 1995 Federal income tax return on
November 20, 1996.
4 There is no explanation in the record as to the difference
between the amount listed on petitioners' 1995 Form 1099-B and
the amount claimed by petitioners on the 1995 Schedule D.
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