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SANDOR v. C. I. R.

No. 74-3030.

536 F.2d 874 (1976)

Andrew A. SANDOR and Jeanne Sandor, Petitioners-Appellants. v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

May 28, 1976.

Attorney(s) appearing for the Case

Robert D. Alban (argued), of Simon, McKinsey & Miller, Long Beach, Cal., for petitioners-appellants.

Ann Belanger Durney, Atty. (argued), of The Tax Div., U. S. Dept. of Justice, Washington, D.C., for respondent-appellee.

Before CARTER and WRIGHT, Circuit Judges, and EAST, District Judge.

OPINION

PER CURIAM:

Petitioner, a cash basis taxpayer, appeals a Tax Court decision [62 T.C. 469 (1974)] which upheld the Commissioner's disallowance of a prepaid interest deduction. We affirm.

In November 1968, petitioner arranged with a bank for a five year loan of $100,000 at 7½% annual interest. On December 27, he prepaid $38,041.61, the interest to accrue over the next five years. The promissory note for...

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