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McLANE v. COMMISSIONER

Docket Nos. 4697-63, 4698-63.

46 T.C. 140 (1966)

W. LEE McLANE, JR., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT NOLA McLANE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 29, 1966.

Attorney(s) appearing for the Case

Thaddeus Rojek, for the petitioners.

Francis J. Cantrel, for the respondent.

TANNENWALD, Judge:

Respondent determined deficiencies in the 1958 Federal income tax of petitioner W. Lee McLane, Jr., of $10,073.19 and in the 1958 Federal income tax of petitioner Nola McLane of $10,075.86. The cases were consolidated for trial. The only issue for decision is whether certain amounts paid during 1958 are deductible as interest.

FINDINGS OF FACT

Some facts are stipulated and are found accordingly.

Petitioners were...

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