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upon the law of the jurisdiction wherein the particular loss
occurred.” Monteleone v. Commissioner, 34 T.C. 688, 692 (1960).
Petitioner essentially conceded that he is not entitled to a
theft loss. At trial, petitioner described the nature of the
loss, saying: “I don’t know how you would classify it, but it’s
not really a theft. It’s a loss of the money I had invested in
the house in that town, because the police forced me to leave the
town. So it’s deprivation of rights, and loss.”
Regardless of the conflicts petitioner may have had with his
neighbors and the police in Coos Bay, his house was not the
subject of a theft. On the contrary, in 1998 he sold the house
for $39,500, little less than the price for which he purchased
it. Accordingly, we hold that petitioner is not entitled to a
theft loss deduction for 1997.
To reflect the foregoing,
Decision will be entered
for respondent.
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Last modified: May 25, 2011