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AMBASSADOR APARTMENTS, INC. v. COMMISSIONER

Docket Nos. 6519-65, 6520-65.

50 T.C. 236 (1968)

AMBASSADOR APARTMENTS, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. LOUIS LITOFF AND ROSE LITOFF, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 6, 1968.

Attorney(s) appearing for the Case

Hillel J. Auerbach and Alexander Winnick, for the petitioners.

Charles M. Costenbader and Richard J. Mandell, for the respondent.

SIMPSON, Judge:

The respondent determined deficiencies in the income tax of the petitioner Ambassador Apartments, Inc., of $3,676.07 for the taxable year 1960, and $2,971.50 for the taxable year 1961, and in the income tax of the petitioners Louis and Rose Litoff of $3,477.33 for the taxable year 1960. This case involves controversies over whether the corporate petitioner is entitled to deduct, as interest, payments...

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