TOWNE SQUARE, INC. v. COMMISSIONER

Docket No. 12850-79.

45 T.C.M. 478 (1983)

T.C. Memo. 1983-10

Towne Square, Inc. v. Commissioner.

United States Tax Court.

Filed January 10, 1983.


Attorney(s) appearing for the Case

Thomas G. Hull (an officer), for the petitioner. Vallie C. Brooks, for the respondent.


Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined a deficiency in petitioner's Federal income tax for the taxable year ended June 30, 1976, in the amount of $12,580.83.

The issue for decision is whether petitioner-corporation is entitled to an interest expense deduction under section 163(a).1 Resolution of this issue depends upon whether the incorporating shareholders' 1968 advances to petitioner...

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