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PIERCE v. COMMISSIONER

Docket No. 70676.

37 T.C. 1039 (1962)

AMOR F. PIERCE AND IDA MAE PIERCE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 7, 1962.

Attorney(s) appearing for the Case

Thaddeus Rojek, Esq., for the petitioners.

Charles F. Quinlan, Esq., for the respondent.

The respondent has determined a deficiency in petitioners' income tax for the calendar year 1954 in the amount of $11,502.18. The sole issue is whether petitioners may deduct as interest a payment made in 1954 in the amount of $24,718 to the All Service Life Insurance Corporation of Phoenix, Arizona.

FINDINGS OF FACT.

The facts stipulated by the parties are incorporated herein by this reference. In addition, the record in Estate of Charles G. Polacek, Deceased...

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