LAY v. COMMISSIONER

Docket No. 3922-76.

69 T.C. 421 (1977)

LYNDELL E. AND BERNICE C. LAY, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed December 12, 1977.


Attorney(s) appearing for the Case

Byron M. Eiseman, Jr., and Lewis H. Mathis, for the petitioners.

Michael J. O'Brien, for the respondent.


DAWSON, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for the year 1971 in the amount of $12,749.33. Petitioner-husband is a limited partner in two partnerships that each constructed and operated a section 236 housing project under the National Housing Act. At issue is whether certain financing fees paid by these two accrual method partnerships are deductible as ordinary and necessary business expenses under section 162

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