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MANUFACTURERS HANOVER TRUST COMPANY v. COMMISSIONER

Docket No. 1002-67.

28 T.C.M. 692 (1969)

T.C. Memo. 1969-132

Manufacturers Hanover Trust Company, Robert G. Payne and Charles C. Parlin, as Trustees U/I 6/4/32 by Anne D. Dillon, as Grantor v. Commissioner.

United States Tax Court.

Filed June 30, 1969.

Attorney(s) appearing for the Case

Charles C. Parlin and Margaret Smith, 20 Exchange Pl., New York, N. Y., for the petitioner. Irving Bell and Paul H. Frankel, for the respondent.

Memorandum Findings of Fact and Opinion

MULRONEY, Judge:

Respondent determined a deficiency in petitioner trust's income tax for the year 1962 in the amount of $19,057.44. The sole issue is whether an amortization deduction, based on the cost of a life estate, should be reduced by that portion which is allocable to tax-exempt interest income under section 265, I. R. C. of 1954.1

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