Ernst L. Meier - Page 22




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          to petitioner and reduce the claimed loan balance owed to                   
          petitioner.                                                                 
               As previously mentioned, petitioner and Frick failed to                
          testify at trial, leaving unanswered significant questions                  
          regarding their relationship to Blackland and Garland Farms and             
          the nature of the transactions in question.  Under Wichita                  
          Terminal Elevator Co. v. Commissioner, supra, we infer that                 
          petitioner’s testimony, if in evidence, would not have supported            
          the loan characterization of the funds in dispute nor the claimed           
          1995 worthlessness thereof.  Petitioner is not entitled to the              
          claimed $3,207,578 bad debt deduction for 1995 and the claimed              
          net operating loss carrybacks relating thereto are not allowable.           
               All other issues in this case were either expressly conceded           
          by petitioner or, due to abandonment at trial and on posttrial              
          briefs, are deemed conceded by petitioner.  See, e.g., Burbage v.           
          Commissioner, 82 T.C. 546, 547 (1984), affd. 774 F.2d 644 (4th              
          Cir. 1985); Zimmerman v. Commissioner, 67 T.C. 94, 105 (1976);              
          Hunt v. Commissioner, 22 T.C. 228, 229 (1954).                              
               To reflect the foregoing,                                              
                                                          Decision will be            
                                                   entered under Rule 155.            











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