United States Tax Court July 24, 1980, Docket No. 4427-78 (Matheson v. Commissioner)

lead-opinion

OPINION

Tietjens, Judge:

Respondent determined a deficiency of $10,514 in petitioners’ Federal income tax for 1976.1 The sole issue for our determination is whether petitioners may revoke their election under section 165(h).2

This case was fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure.