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HENDERSHOT & SMITH, INC. v. COMMISSIONER

Docket No. 8931-72.

34 T.C.M. 788 (1975)

T.C. Memo. 1975-183

Hendershot & Smith, Inc. v. Commissioner.

United States Tax Court.

Filed June 11, 1975.

Attorney(s) appearing for the Case

H. Guy Hardy, 1105 E. Ohio Bldg., Cleveland, Ohio, for the petitioner. John P. Graham, for the respondent.

Memorandum Findings of Fact and Opinion

IRWIN, Judge:

Respondent determined deficiencies in petitioner's income tax as follows:

      Taxable year
         ended                Deficiency

      June 30, 1969 ......... $2,386.28
      June 30, 1970 .........  1,316.04

The sole question presented is whether section 267(a)(2)1 applies to the factual situation herein so as to disallow interest deductions...

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