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McKINNEY v. C.I.R.

No. 81-2512.

732 F.2d 414 (1983)

Edith G. McKINNEY and Estate of James R. McKinney, Deceased, Edith G. McKinney, Executrix, Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Tenth Circuit.

October 3, 1983.

Attorney(s) appearing for the Case

Mary Lou Fahey, Atty., Tax Division, Dept. of Justice, Washington, D.C. (Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup and Jonathan S. Cohen, Attys., Tax Division, Dept. of Justice, Washington, D.C., with her on the brief), for respondent-appellant.

Robert O. O'Bannon, Oklahoma City, Okl. (Thomas G. Parrott, Oklahoma City, Okl., on the brief), of Kornfeld, McMillin, Phillips & Upp, Oklahoma City, Okl., for petitioners-appellees.

Before SETH, Chief Judge, SEYMOUR, Circuit Judge, and MATSCH, District Judge.

SETH, Chief Judge.

The taxpayers owned a vacation condominium in Hawaii and held it for profit. During the year in question it was rented for 85 days and occupied by the taxpayers for 20 days. The case concerns the limitations on expenses which may be deducted in income tax calculations from the gross rental.

More particularly the issue on this appeal from the Tax Court is whether that court used the correct formula in its decision to allocate interest and...

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