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taxpayer’s brief found tantamount to concession), affd. 125 F.2d
467 (7th Cir. 1942); Water Resource Control v. Commissioner, T.C.
Memo. 1991-104 (statements at trial and on opening brief deemed
concession of interest deductions claimed on returns), affd.
without published opinion sub nom. Whitehouse v. Commissioner,
972 F.2d 1328 (2d Cir. 1992). Nothing in the record contradicts
that concession. Accordingly, we hold that no adjustment is
required in Sylvia’s source and application of funds analysis for
gambling expenditures.
6. Additional Items Identified as in Dispute
The parties have identified the following items through
joint finding of fact No. 4 as items to which they do not agree.
a. Withholding on Gambling Winnings
In the source and application of funds analysis for Sylvia
for 1988, see infra Appendix G, respondent included as an
application of funds $345 for estimated withholding on gambling
winnings. Petitioners do not explain why they disagree with that
item. In the source and application of funds analysis for 1988,
respondent credited Sylvia with $38,550 in winnings from gambling
activities on December 23, 1988. Petitioners do not disagree
with that item. We conclude that an estimated $345 withholding
at source is reasonable considering the amount of Sylvia’s
gambling winnings on December 23, 1988; accordingly, we hold that
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