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WELLER v. COMMISSIONER

Docket No. 61022.

31 T.C. 33 (1958)

CARL E. WELLER AND EMILY I. WELLER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 10, 1958.

Attorney(s) appearing for the Case

Richard H. Appert, Esq., Harry A. Dower, Esq., and John A. Garvey, Jr., Esq., for the petitioners.

William F. Fallon, Esq., for the respondent.

FORRESTER, Judge:

Respondent has determined a deficiency in the income tax of petitioners for the calendar year 1952 in the amount of $28,151.10. The sole issue is whether respondent erred in determining that the amount of $40,050.06 paid by petitioners purportedly as interest in respect of an alleged loan of the "cash or loan" value of an annuity policy was not interest deductible pursuant to section 23 (b) of the Internal Revenue Code of 1939.

FINDINGS...

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