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HAMRICK v. COMMISSIONER

Docket No. 9287-76.

40 T.C.M. 276 (1980)

T.C. Memo. 1980-149

J. Nat and Jenice Hamrick v. Commissioner.

United States Tax Court.

Filed April 29, 1980.

Attorney(s) appearing for the Case

J. Nat Hamrick, pro se, Rutherfordton, N.C. Matthew E. Bates, for the respondent.

Memorandum Findings of Fact and Opinion

IRWIN, Judge:

Respondent determined a deficiency of $21,775.14 and an addition to tax under section 66511 of $3,266.67 in petitioners' 1973 Federal income tax. The issues presented for our determination are:

(1) whether petitioners are entitled to an interest deduction under section 163 of $53,867.32 for amounts allegedly paid by petitioners as guarantors of a corporate debt.

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