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STONE v. C. I. R.

No. 6658.

360 F.2d 737 (1966)

N. Louis STONE et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

May 19, 1966.

Attorney(s) appearing for the Case

Jack H. Calechman, Boston, Mass., with whom Alford P. Rudnick and Brown, Rudnick, Freed & Gesmer, Boston, Mass., were on brief, for petitioners.

Marco S. Sonnenschein, Washington, D. C., with whom Richard M. Roberts, Acting Asst. Atty. Gen., and Lee A. Jackson and Gilbert E. Andrews, Washington, D. C., were on brief, for respondent.

Before ALDRICH, Chief Judge, and McENTEE and COFFIN, Circuit Judges.

COFFIN, Circuit Judge.

Taxpayers, husband and wife, seek to review a Tax Court decision disallowing amortization deductions taken in 1952 and 1953 (in the respective amounts of $7,756.70 and $5,896.82) for premiums paid on the purchase of callable bonds.

The law applicable to this case is the Internal Revenue Code of 1939, Sections 23(v) and 125.1 The combined effect of these sections was to allow as a deduction from net income...

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