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BRIDGES v. COMMISSIONER

Docket No. 86524.

39 T.C. 1064 (1963)

JOSEPH H. BRIDGES AND LILLIER J. BRIDGES, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 27, 1963.

Attorney(s) appearing for the Case

Richard E. Thigpen, Esq., and Robert L. Hines, Esq., for the petitioners.

Wallace E. Whitmore, Esq., and Paul J. Weiss, Esq., for the respondent.

DRENNEN, Judge:

Respondent determined deficiencies in petitioners' income tax for the taxable years 1956 and 1957 in the respective amounts of $12,983.87 and $31,628.18.

The only issue for decision is whether petitioners are entitled to deductions for interest in 1956 and 1957 in the respective amounts of $19,687.50 and $48,281.25.

FINDINGS OF FACT.

Some of the facts have been stipulated and...

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