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BRAINARD v. COMMISSIONER

Docket No. 10158.

7 T.C. 1180 (1946)

MILLAR BRAINARD AND KATHARINE R. BRAINARD, HUSBAND AND WIFE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated November 21, 1946.

Attorney(s) appearing for the Case

John E. Hughes, Esq., for the petitioners.

Arnold R. Cutler, Esq., for the respondent.

By this proceeding petitioners challenge respondent's determination of deficiency in income tax in the amount of $13,615.25 for the year ended December 31, 1941.

The principal issue is whether respondent erred in disallowing deductions for accrued interest in the amount of $42,123.93, and for accrued current taxes in the amount of $400, claimed by petitioners on their 1941 tax return, which they assert was prepared on an accrual...

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