LOUGHRAN v. COMMISSIONER

Docket Nos. 79218, 80377.

19 T.C.M. 1193 (1960)

T.C. Memo. 1960-214

John Loughran v. Commissioner.

United States Tax Court.

Filed October 10, 1960.


Attorney(s) appearing for the Case

Robert R. Faulkner, Esq., 940 Shoreham Bldg., Washington, D. C. and Richard E. Shands, Esq., for the petitioner. Neil J. O'Brien, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

Respondent determined deficiencies in petitioner's Federal income taxes for the years 1953, 1954, 1956, and 1957 in the respective amounts of $3,435.42, $4,225.09, $17,868.23, and $2,195.89. That part of the deficiencies here in issue arises by reason of respondent's determination that certain amounts paid by petitioner to The Philadelphia National Bank were "not deductible as interest paid within the meaning of" section 23...

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