KOUFOS v. INDIANA DEPT. OF STATE REVENUE

No. 45T10-9403-TA-00098.

646 N.E.2d 733 (1995)

James P. KOUFOS and Barbara J. Koufos, Petitioners, v. INDIANA DEPARTMENT OF STATE REVENUE, Respondent.

Tax Court of Indiana.

February 14, 1995.


Attorney(s) appearing for the Case

Demetri J. Retson, Kevin E. Steele, Burke, Murphy, Costanza & Cuppy, Merrillville, for petitioners.

Pamela Carter, Atty. Gen., Marilyn Meighen, Deputy Atty. Gen., Indianapolis, for respondent.


FISHER, Judge.

James P. Koufos and Barbara J. Koufos (the Koufoses) appeal the final determination of the Indiana Department of State Revenue (the Department) disallowing a deduction for interest paid on a mortgage acquired to develop rental property before determining their Indiana adjusted gross income.

ISSUE

This case presents one issue: whether interest paid on a mortgage acquired to develop rental property continues to be "attributable...

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