Memorandum Findings of Fact and Opinion
This proceeding involves a deficiency in income tax of petitioners for the year 1952 in the amount of $1,992.43.
The sole contested issue is whether the respondent erred in disallowing a deduction of $6,400 paid in 1952 claimed by petitioners as interest paid on indebtedness under section 23(b) of the Internal Revenue Code of 1939.
Findings of Fact
On August 20, 1940, the eight sons and daughters...
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