FAYLOR v. COMMISSIONER

Docket No. 65255.

22 T.C.M. 918 (1963)

T.C. Memo. 1963-190

William O. Faylor and Kathryn Faylor v. Commissioner.

United States Tax Court.

Filed July 16, 1963.


Attorney(s) appearing for the Case

Norman A. Peil, Jr., and Michael Kivko, 430 Market St., Sunbury, Pa., for the petitioners.

Dennis C. DeBerry and Max J. Hamburger for the respondent.


Memorandum Findings of Fact and Opinion

FORRESTER, Judge:

Respondent has determined a deficiency in petitioners' income tax for the calendar year 1953 in the amount of $82,828.80. Certain minor adjustments have not been contested, and the issues remaining for decision are: (1) whether petitioners are entitled to deduct as interest certain payments made during 1953 to Republic National Life Insurance Company...

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