HANSON v. COMMISSIONER

Docket No. 5549-67.

29 T.C.M. 40 (1970)

T.C. Memo. 1970-15

Dwight E. Hanson and Janice E. Hanson v. Commissioner.

United States Tax Court.

Filed January 20, 1970.


Attorney(s) appearing for the Case

Roy Stoddard, Jr., First & Market Bldg., 102 First Ave., East, Oskaloosa, Iowa, for the petitioners. Roy S. Fischbeck, for the respondent.


Memorandum Findings of Fact and Opinion

FEATHERSTON, Judge:

Respondent determined deficiencies in petitioners' income tax for 1964 and 1965 in the respective amounts of $128.77 and $92.56. The issue presented for decision is whether petitioners are entitled to deduct as business expenses under section 162(a)1 annual premiums paid during 1964 and 1965 on a life insurance policy assigned as collateral security for a business loan...

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