Harbor Bancorp & Subsidiaries v. Commissioner

105 T.C. No. 19

UNITED STATES TAX COURT HARBOR BANCORP & SUBSIDIARIES, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent EDWARD J. KEITH AND ELENA KEITH, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket Nos. 24112-92, 5857-93. Filed October 16, 1995. The Housing Authority of Riverside County, California, issued revenue bonds to finance the construction of multifamily housing for families of low and moderate incomes. Ps purchased some of these bonds and, believing that the bonds were tax exempt, did not include the interest received thereon in income. Sec. 103(a),…