McCarthy Trust v. Commissioner
United States Tax Court
During the taxable year 1979, the amount of petitioner's interest income exceeded the amount of its interest expense. Held, petitioner's adjusted itemized deductions in determining its alternative minimum taxable income for purposes of the alternative minimum tax include the amount of interest expense deducted without offset for interest income.
1Opinion of the Court
Katherine Lynn McCarthy Trust, Dated 12/27/76, Lynn McCarthy, Successor Trustee, Petitioner v. Commissioner of Internal Revenue, Respondent
McCarthy Trust v. Commissioner
Docket No. 28106-81
United States Tax Court
86 T.C. 781; 1986 U.S. Tax Ct. LEXIS 118; 86 T.C. No. 50;
April 22, 1986, Filed
Decision will be entered for the respondent.
During the taxable year 1979, the amount of petitioner's interest income exceeded the amount of its interest expense. Held, petitioner's adjusted itemized deductions in determining its alternative minimum taxable income for purposes of the alternative minimum tax…
2Cases cited5 opinions
- Commissioner v. LoBueSupreme Court of the United States · 1956
- Commissioner v. National Alfalfa Dehydrating & Milling Co.Supreme Court of the United States · 1974
- Riley v. CommissionerUnited States Tax Court · 1976
- McCarthy Trust v. CommissionerUnited States Tax Court · 1986
- Rhude v. United StatesDistrict Court, D. Minnesota · 1984