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McDONOUGH v. C. I. R.

No. 77-1973.

577 F.2d 234 (1978)

Bernard P. McDONOUGH and Alma G. McDonough, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Fourth Circuit.

Decided June 8, 1978.

Attorney(s) appearing for the Case

G. Thomas Battle, Charleston, W. Va. (Cynthia L. Turco, Spilman, Thomas, Battle & Klostermeyer, Charleston, W. Va., on brief), for appellants.

Gilbert S. Rothenberg, Atty., Tax Div., Dept. of Justice, Washington, D. C. (M. Carr Ferguson, Asst. Atty. Gen., Richard Farber and Gilbert E. Andrews, Attys., Tax Div., Dept. of Justice, Washington, D. C., on brief), for appellee.

Before WINTER, BUTZNER and HALL, Circuit Judges.

BUTZNER, Circuit Judge:

Bernard P. McDonough and Alma G. McDonough appeal from a judgment of the Tax Court which sustained the commissioner's determination that the taxpayers' payment of interest on margin accounts and short-term bank loans was incurred or continued in order to purchase or carry tax-exempt securities.1 We affirm the Tax Court's disallowance of this interest.

In 1972 and 1973 the taxpayers paid interest on brokerage...

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