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STARR v. COMMISSIONER

Docket No. 1104-63.

46 T.C. 450 (1966)

MAX STARR AND DORIS L. STARR, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed June 29, 1966.

Attorney(s) appearing for the Case

Robert J. Richards, Jr., for the petitioners.

Albert R. Doyle, for the respondent.

BRUCE, Judge:

Respondent determined deficiencies in income tax for the calendar years 1958 and 1959 in the respective amounts of $94,283.02 and $3,556.57. The issues remaining for decision are whether petitioners are entitled to a deduction in 1958 for amortization of bond premium in the amount of $39,375 or, in the alternative, for an amount of $21,093.75 paid in settlement of a claim resulting from a transaction entered into for profit.

FINDINGS...

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