LIFTIN v. COMMISSIONER

Docket No. 82630.

36 T.C. 909 (1961)

MORTON LIFTIN AND SYLVIA LIFTIN, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 30, 1961.


Attorney(s) appearing for the Case

Morton Liftin, pro se.

Hubert E. Kelly, Esq., for the respondent.


The respondent determined deficiencies in petitioners' income taxes as follows:

1954 -----------------------------------------    $383.97
1955 -----------------------------------------   1,006.72
1956 -----------------------------------------     897.18

The only question for our decision is whether petitioner is entitled to recover his cost of monthly payment notes, purchased by him at discounts, before reporting as discount or ordinary income any...

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