MOUNTAIN STATE STEEL FOUNDRIES, INC. v. COMMISSIONER

Docket No. 69987.

18 T.C.M. 306 (1959)

T.C. Memo. 1959-59

Mountain State Steel Foundries, Inc. v. Commissioner.

United States Tax Court.

Filed March 31, 1959.


Attorney(s) appearing for the Case

Robert P. Smith, Esq., 815 Fifteenth Street, Northwest, Washington, D. C., and Dorothea Baker, Esq., for the petitioner. W. Ralph Musgrove, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

The respondent determined deficiencies in income tax of petitioner for the taxable years ended June 30, 1951, 1952, 1953, and 1954, in the amounts of $20,660.32, $43,065.13, $42,692.80, and $14,676.73, respectively.

The issues are: (1) Whether the amounts paid by petitioner on the Miller obligations in each of the respective taxable years constitute deductible interest payments; (2) Whether petitioner is liable for...

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