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P. M. FINANCE CORPORATION v. C. I. R.

Nos. 13713, 13714.

302 F.2d 786 (1962)

P. M. FINANCE CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided May 10, 1962.

Attorney(s) appearing for the Case

Robert Ash, Washington, D. C. (Carl F. Bauersfeld, Washington, D. C., on the brief), for petitioner.

William Friedlander, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before BIGGS, Chief Judge, and KALODNER and GANEY, Circuit Judges.

BIGGS, Chief Judge.

The petitions for review raise the question of deductibility, pursuant to Section 163(a) of the Internal Revenue Code of 1954,1 of "interest on indebtedness" paid by P. M. Finance Corporation to two debenture holders, one of whom, Philip Frank, owns the outstanding capital stock of the corporation. The other debenture holder is Philip's wife, Hilda. The Tax Court decided that the payments made by P. M. were not deductible...

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