The Commissioner determined a deficiency of $2,918.15 in petitioners' income tax for 1962. The only issue is whether a $12,441.40 payment made by petitioner Jack E. Golsen to the Western Security Life Insurance Co. is deductible as an interest payment pursuant to section 163, I.R.C. 1954.
FINDINGS OF FACT
The parties have stipulated certain facts, which, together with the attached exhibits, are incorporated herein by this reference.
Petitioners Jack...
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