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ESTATE OF GOURIELLI v. COMMISSIONER

Docket No. 68443.

33 T.C. 357 (1959)

ESTATE OF A. GOURIELLI, DECEASED, THE HANOVER BANK, EXECUTOR, AND HELENA GOURIELLI, SURVIVING WIFE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 30, 1959.

Attorney(s) appearing for the Case

David Alter, Esq., and Hubert Thurschwell, Esq., for the petitioners.

John J. Madden, Esq., and William F. Chapman, Esq., for the respondent.

The Commissioner determined a deficiency in income tax of $14,200.92 for 1953. The only issue for decision is whether the deduction for amortization of premiums on bonds under section 125(b) of the Internal Revenue Code of 1939 is limited to the excess of cost over the general redemption rate of 105.375 as contended by the Commissioner or is the excess of cost over the special redemption rate of 102.375 as contended by the petitioners.

FINDINGS OF FACT.

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