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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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