Harold A. Johnson - Page 11

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          Commissioner, T.C. Memo. 1998-173.  In any event, even if a loss             
          were realized on foreclosure, the loss would not be deductible               
          because the Merritt Island property was petitioner’s personal                
          residence.  See Quinn v. Commissioner, T.C. Memo. 1983-485; secs.            
          1.165-9(a), 1.262-1(b)(4), Income Tax Regs.                                  
               In view of the foregoing, we hold that petitioner is not                
          entitled to any carryover of a casualty or theft loss in respect             
          of the Merritt Island property for the year in issue.                        
          Respondent’s determination is therefore sustained.                           
               To give effect to the foregoing,                                        

                                                   Decision will be entered            
                                              for respondent.                          

          the property prior to the foreclosure.  See also supra note 3.               

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