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be entered is not reviewable by any other court, and this opinion
should not be cited as authority.
Respondent determined deficiencies in petitioner's Federal
income taxes and penalties for fraud under section 6663 for the
taxable years 1989, 1990, and 1991.
After concessions by respondent,2 the issue for decision is
whether petitioner overpaid his income tax for 1989. The
resolution of this issue turns on whether petitioner sustained a
business loss or a personal casualty loss in an amount greater
than that conceded by respondent. We hold that petitioner did
not; accordingly, we also hold that petitioner did not overpay
his income tax for 1989.
Background
Some of the facts have been stipulated, and they are so
found.
2 Prior to trial, respondent conceded the fraud penalty for
each of the years in issue. As a consequence, respondent also
conceded the deficiency in income tax for each of those years.
See generally sec. 6501 relating to periods of limitations on
assessment and collection.
Insofar as petitioner’s overpayment claim for 1989 is
concerned, respondent concedes that petitioner is entitled to a
deduction for a casualty loss for that year of $55 (after taking
into account the $100 limitation of sec. 165(h)(1) and the 10-
percent limitation of sec. 165(h)(2)(A)). However, respondent
does not concede that petitioner overpaid his income tax for 1989
because allowance of the $55 deduction has no tax effect,
petitioner having claimed the standard deduction for that year.
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