Robert M. Diggs and Clara C. Diggs v. Commissioner of Internal Revenue

WATERMAN, Circuit Judge.

Petitioner Robert M. Diggs1 seeks review of a decision of the Tax Court denying his claims for deduction under Section 23(b) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 23(b) for payments he made in 1952 and 1953 to the Standard Insurance Company of Indiana. These payments purported to be payments of interest upon a debt created when Standard loaned petitioner an amount necessary to prepay premiums on two annuity contracts Standard had issued to petitioner. The Tax Court’s approval of the Commissioner’s disallowance of petitioner’s claimed interest deductions…