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FIRST NATIONAL CO. v. COMMISSIONER

Docket No. 60487.

32 T.C. 798 (1959)

FIRST NATIONAL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 30, 1959.

Attorney(s) appearing for the Case

William Waller, Esq., for the petitioner.

George L. Hudspeth, Esq., for the respondent.

WITHEY, Judge:

Deficiencies in income tax for the taxable years 1951, 1952, and 1953 have been determined by the Commissioner against petitioner in the respective amounts of $42,381.19, $5,742.79, and $6,597.97. The only question presented for determination is whether respondent erred in disallowing deductions taken as interest upon a demand promissory note issued by petitioner to a tax exempt organization. All other...

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