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COLE v. COMMISSIONER

Docket Nos. 5403-72, 802-73.

64 T.C. 1091 (1975)

JAMES V. AND ESTHER R. COLE, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. CLIFFORD M. AND ELIZABETH A. COLE, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 25, 1975.

Attorney(s) appearing for the Case

John F. Kalben, for the petitioners in docket No. 5403-72.

Frank Jerome Brown, for the petitioners in docket No. 802-73.

Matthew W. Stanley, Jr., for the respondent.

WILBUR, Judge:

Respondent determined a deficiency of $21,372.39 in Clifford M. and Elizabeth A. Cole's joint Federal income tax for 1968, and a deficiency of $29,437.96 in James V. and Esther R. Cole's joint Federal income tax for 1968. The sole issue for decision is whether respondent erred in disallowing petitioners' deductions claimed for prepaid interest. Respondent, relying on Rev. Rul. 68-643, 1968-2 C.B. 76, and section 446,1

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