No. 1245, Docket 90-4137.

933 F.2d 1124 (1991)

ESTATE OF Timothy F. CARBERRY, Deceased; Manufacturers Hanover Trust Co.; Ella J. Brady, formerly known as Ella J. Carberry, Executors; Ella J. Brady, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Second Circuit.

Decided May 24, 1991.

Attorney(s) appearing for the Case

Patrick W. Hennessey, Garden City, N.Y., for petitioners-appellants.

Teresa T. Milton, Tax Div., Dept. of Justice, Washington, D.C. (Shirley D. Peterson, Asst. Atty. Gen., Gary R. Allen, Ann B. Durney, Tax Div., Dept. of Justice, Washington, D.C., on the brief), for respondent-appellee.

Before FEINBERG, NEWMAN and PIERCE, Circuit Judges.

JON O. NEWMAN, Circuit Judge:

On this appeal from the July 16, 1990, decision of the Tax Court (Theodore Tannenwald, Jr., Judge), the taxpayers, Timothy F. Carberry and his wife Ella J. Carberry,1 challenge the disallowance of their deduction for a partnership loss and the application of the penalty interest rate provision to their outstanding taxes. The loss was disallowed upon a finding that a partnership provision for allocation of...

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