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McCRELESS v. COMMISSIONER

Docket No. 4941-77.

41 T.C.M. 279 (1980)

T.C. Memo. 1980-484

Sollie E. McCreless and Lilla M. McCreless v. Commissioner.

United States Tax Court.

Filed October 27, 1980.

Attorney(s) appearing for the Case

Richard F. McDivitt, 1216 City National Bank Tower, Oklahoma City, Okla., Patrick J. Casey, and Gene A. Castleberry, for the petitioners. W. Taylor Overton, for the respondent.

Memorandum Findings of Fact and Opinion

GOFFE, Judge:

The Commissioner determined a deficiency of $32,998.13 in petitioners' Federal income tax liability for their taxable year 1972.

The issue is whether the proceeds of a loan which petitioner Sollie McCreless (hereinafter petitioner) guaranteed were used in the trade or business of the borrowers within the meaning of section 166(f) of the Internal Revenue Code of 1954,1

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