Nat v. Commissioner
United States Tax Court
Held: (1) Petitioners, as guarantors of corporate notes, are not entitled to interest deductions for amounts allegedly paid by them in satisfaction of the corporate debt. (2) Petitioners' deduction for payment of State income taxes denied for failure to properly substantiate the expenditures.
1Opinion of the Court
J. NAT AND JENICE HAMRICK, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Nat v. Commissioner
Docket No. 9287-76.
United States Tax Court
T.C. Memo 1980-149; 1980 Tax Ct. Memo LEXIS 437; 40 T.C.M. (CCH) 276; T.C.M. (RIA) 80149;
April 29, 1980, Filed
Held: (1) Petitioners, as guarantors of corporate notes, are not entitled to interest deductions for amounts allegedly paid by them in satisfaction of the corporate debt.(2) Petitioners' deduction for payment of State income taxes denied for failure to properly substantiate the expenditures.
J. Nat Hamrick, pro se.
Matthew E. Bates, for the…
2Cases cited10 opinions
- Putnam v. CommissionerSupreme Court of the United States · 1956
- Rushing v. CommissionerUnited States Tax Court · 1972
- Frank Nelson, Jr. And Lee Etta Nelson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1960
- Wachovia Bank & Trust Co. v. CliftonSupreme Court of North Carolina · 1932
- EAC Credit Corporation v. WilsonSupreme Court of North Carolina · 1972
5 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Benjamin and Helen Stratmore v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Third Circuit · 1986