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HYPOTHEEK LAND CO. v. COMMISSIONER

Docket No. 24955.

16 T.C. 1268 (1951)

HYPOTHEEK LAND COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 8, 1951.

Attorney(s) appearing for the Case

Frank P. Weaver, Esq., for the petitioner.

Wilford H. Payne, Esq., for the respondent.

Respondent determined a deficiency of $15,707.23 in petitioner's income tax liability for its fiscal year ending June 30, 1946.

The sole issue is whether respondent erred in reducing from the rate of 5 per cent to 3 per cent petitioner's deduction of interest on certain obligations.

FINDINGS OF FACT.

Petitioner is a corporation organized in 1940 under the laws of the State of Washington, with its principal...

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