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SHIRAR v. COMMISSIONER

Docket No. 15980-85.

54 T.C.M. 698 (1987)

T.C. Memo. 1987-492

Cecil H. and Jessie May Shirar v. Commissioner.

United States Tax Court.

Filed September 28, 1987.

Attorney(s) appearing for the Case

Eric Olson, 615 South Flower, Los Angeles, Calif., and Shahen Hairapetian, for the petitioners. Ross W. Paulson, for the respondent.

Memorandum Findings of Fact and Opinion

CLAPP, Judge.

Respondent determined deficiencies in petitioners' 1979 and 1980 Federal income taxes in the amounts of $28,268 and $22,932, respectively. The issues for decision are whether petitioners are entitled to deduct $10,000 as a worthless debt for the 1979 tax year, and whether petitioners are entitled to deduct alleged interest incurred with respect to the purchase of a life insurance policy for each of the...

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