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COLE v. C. I. R.

No. 77-1566.

586 F.2d 747 (1978)

James V. and Esther R. COLE, and Clifford M. and Elizabeth A. Cole, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

November 22, 1978.

Attorney(s) appearing for the Case

John F. Kalben, Seattle, Wash., for petitioners-appellants.

Carleton D. Powell, Washington, D. C., for respondent-appellee.

Before WRIGHT and GOODWIN, Circuit Judges, and JAMESON, District Judge.

EUGENE A. WRIGHT, Circuit Judge:

James and Esther Cole and Clifford and Elizabeth Cole (Coles) appeal a Tax Court decision upholding the disallowance of prepaid interest deductions by the Commissioner of Internal Revenue (Commissioner). The Commissioner required the Coles to deduct interest ratably over the 40-month period for which it was paid. We affirm.

I.

FACTS

In October 1968, James and his son Clifford each received $46,463.80 in...

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