CAL-GLEN DEVELOPMENT CORPORATION v. COMMISSIONER

Docket No. 2165-67.

28 T.C.M. 240 (1969)

T.C. Memo. 1969-42

Cal-Glen Development Corporation v. Commissioner.

United States Tax Court.

Filed February 27, 1969.


Attorney(s) appearing for the Case

Patrick E. Ryan, Suite 912, 6380 Wilshire Blvd., Los Angeles, Calif., for the petitioner. Michael Pargament, for the respondent.


Memorandum Findings of Fact and Opinion

FAY, Judge:

Respondent determined a deficiency of $24,704.31 in petitioner's income tax for the taxable year 1963.

Some matters raised in the pleadings were conceded in whole or in part prior to the trial herein. The issues remaining for decision are (1) whether petitioner is entitled to deduct certain payments as interest, (2) whether petitioner is entitled to a net operating loss carryforward deduction, and...

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