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VALENTE v. COMMISSIONER

Docket No. 6732-72.

34 T.C.M. 861 (1975)

T.C. Memo. 1975-200

Renato R. and Eleanor A. Valente v. Commissioner.

United States Tax Court.

Filed June 23, 1975.

Attorney(s) appearing for the Case

Stuart A. Rosenblatt and Stephen H. Feuerstein, for the petitioners. Barry D. Gordon and Michael P. Casterton, for the respondent.

Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for the taxable year 1968 in the amount of $10,649. The only issue is whether petitioners, who are cash basis taxpayers, are entitled, under sections 163 and 446, IRC 1954,1 to a deduction of $15,000 for interest expenses payable in 1969 which they claim...

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