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CLEAVER v. COMMISSIONER

Docket No. 5663.

6 T.C. 452 (1946)

JOHN C. CLEAVER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 12, 1946.

Attorney(s) appearing for the Case

H. C. Hirschboeck, Esq., and Warner H. Henrickson, Esq., for the petitioner.

Carroll Walker, Esq., for the respondent.

Respondent determined a deficiency in petitioner's income tax for the year 1941 in the sum of $3,060.34. This deficiency resulted from respondent's determination that interest on certain loans obtained by petitioner in 1941 from a bank which was payable in advance and was deducted by the bank from the principal of the loan made available to petitioner, was not "paid or incurred" during the taxable year by petitioner, who was on the...

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