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BRENNER v. COMMISSIONER

Docket No. 3004-72.

62 T.C. 878 (1974)

HOWARD M. BRENNER AND PEGGY BRENNER, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 30, 1974.

Attorney(s) appearing for the Case

Edward G. Hearn, for the petitioners.

Barry D. Gordon, for the respondent.

FEATHERSTON, Judge:

Respondent determined a deficiency in the amount of $42,749.30 in petitioners' Federal income tax for 1968. The issue to be decided is whether petitioner Howard Brenner's repayments of loans, after being discharged from all debts in a bankruptcy proceeding, constitute ordinary and necessary expenses, deductible under section 162(a)1 and includable in a net operating loss carryover under section 172.

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