Respondent has determined deficiencies in the income tax of petitioners for the years 1954 and 1955 in the amounts of $70,994.26 and $139,795.28, respectively, and an addition to tax for 1954 under section 294(d)(2) of the 1939 Code in the amount of $5,260.87. In the determination of the deficiency for 1954, the Commissioner added to the taxable income reported on the joint return filed by petitioners for 1954 "(a) Interest expense $92,407.50." This adjustment was explained...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.