NICHOLS v. C. I. R.

No. 19706.

314 F.2d 337 (1963)

Perry NICHOLS and Inez Nichols et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

March 6, 1963.


Attorney(s) appearing for the Case

Cyrus A. Neuman, C. B. Kniskern, Jr., Miami, Fla., James H. Wilson, Jr., Atlanta, Ga., for petitioners.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Norman H. Wolfe, Gilbert E. Andrews, Alex A. Pandaleon, Attys., Dept. of Justice, Washington, D. C., Crane C. Hauser, Chief Counsel, Internal Revenue Service, John M. Morawski, Atty., Internal Revenue Service, Washington, D. C., for respondent.

Before TUTTLE, WOODBURY and BELL, Circuit Judges.


PER CURIAM.

These are consolidated appeals from the Tax Court involving deficiencies in income taxes. 37 T.C. 772. The claimed interest deductions under § 163(a) of the Internal Revenue Code of 1954, Title 26 U.S.C.A. § 163(a), were properly disallowed. There was no bona fide indebtedness at any time as required by the statute, and thus no "compensation for the use or forbearance...

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