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LEVITT v. UNITED STATES

Nos. 74-1572, 74-1582.

517 F.2d 1339 (1975)

Ellis I. and Nelle S. LEVITT, Appellants-Appellees v. UNITED STATES of America, Appellees-Appellants

United States Court of Appeals, Eighth Circuit.

Decided June 5, 1975.

Attorney(s) appearing for the Case

Jeffrey E. Lamson, Des Moines, Iowa, for plaintiffs-appellants.

Stephen M. Gelber, Atty., Appellate Section, Tax Div., Dept. of Justice, Washington, D.C., for defendant-appellee.

TALBOT SMITH, Senior District Judge, Eastern District of Michigan, sitting by designation.

BRIGHT, Circuit Judge.

The appeal and cross-appeal in this case require that we interpret and apply to the circumstances disclosed by the record the provisions of § 265(2) of the Internal Revenue Act of 1954, as amended, 26 U.S.C. § 265(2) (1970), which disallows a deduction for interest "on indebtedness incurred or continued to purchase or carry obligations * * * the interest on which is wholly exempt from * * * [federal income] taxes * *."

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