James G. and Elaine A. Wanchek - Page 1

                                 T.C. Memo. 2007-366                                  

                               UNITED STATES TAX COURT                                

                   JAMES G. AND ELAINE A. WANCHEK, Petitioners v.                     
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 17614-05.              Filed December 11, 2007.             

                    On their amended 2001 Federal income tax return, P’s              
               claimed a theft loss deduction of $172,904 on the basis that           
               their contractor had committed fraud against them. R                   
               disallowed the entire theft loss deduction and determined a            
                    Held: Ps are not entitled to any theft loss deduction             
               for the 2001 taxable year.                                             
               Paul A. Bleicher, for petitioners.                                     
               Vicki L. Miller, for respondent.                                       

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               WHERRY, Judge:   This case is before the Court on a petition           
          for redetermination of a deficiency of $10,255 that respondent              

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