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SHERMAN v. COMMISSIONER

Docket No. 74212.

34 T.C. 303 (1960)

JACK L. AND JEAN SHERMAN, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 24, 1960.

Attorney(s) appearing for the Case

Kenneth W. Bergen, Esq., Josiah A. Spaulding, Esq., and M. Gordon Ehrlich, Esq., for the petitioners.

Raymond T. Mahon, Esq., and John M. Doukas, Esq., for the respondent.

Respondent determined deficiencies in petitioners' income tax for 1954 and 1955 in the amounts of $6,161.80 and $5,025.08, respectively. The questions are: (1) Whether, under section 171, I.R.C. 1954, petitioners are entitled to deductions claimed for the amortization of bond premiums in 1954 and 1955. (2) Whether, under section 163, I.R.C. 1954, petitioners are entitled to deductions claimed for interest in 1954 and 1955.

FINDINGS OF FACT.

Certain facts...

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