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SCHUBEL v. COMMISSIONER

Docket No. 2314-80.

77 T.C. 701 (1981)

ROGER A. SCHUBEL AND SHIRLEY D. SCHUBEL, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 28, 1981.

Attorney(s) appearing for the Case

John E. Cicero II, for the petitioners.

J. Michael Melvin, for the respondent.

OPINION

EKMAN, Judge:

Respondent determined a deficiency of $602 in petitioners' Federal income tax for the year 1977. Due to a concession by petitioners, the sole issue remaining for our decision is whether amounts withheld as "prepaid finance charges" from a mortgage loan are deductible in the year petitioners received the balance of the mortgage loan proceeds.

This case was submitted fully stipulated pursuant to Rule 122, Tax Court Rules...

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