Joseph C. Minneman - Page 3

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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.                                                     
              Some of the facts have been stipulated, and they are so                 

               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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