Huntsman v. Commissioner
United States Tax Court
Petitioners refinanced their principal residence with a loan secured by such residence. Petitioners paid points of $ 4,440 from their own funds to obtain the loan. Held, petitioners must deduct such points ratably over the life of the loan. Sec. 461(g), I.R.C. 1954.
1Opinion of the Court
OPINION
TANNENWALD, Judge:
Respondent determined a deficiency of $8,020 in petitioners’ 1983 Federal income tax. After concessions, the sole issue is whether petitioners are entitled to deduct in the year paid, as interest expense, loan origination and loan discount fees (points) paid in connection with refinancing their principal residence.
The facts have been fully stipulated. The stipulation of facts and attached exhibits are incorporated herein by reference.
Petitioners resided in Stillwater, Minnesota, at the time that they filed their petition. They timely filed a joint Federal income tax…
2Cases cited6 opinions
- Remmer v. United StatesSupreme Court of the United States · 1954
- Stark v. CommissionerUnited States Tax Court · 1986
- Schubel v. CommissionerUnited States Tax Court · 1981
- Dunn Trust v. CommissionerUnited States Tax Court · 1986
- Noble v. CommissionerUnited States Tax Court · 1982
1 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Fort Howard Corp. v. CommissionerUnited States Tax Court · 1994
- James Richard Huntsman and Zenith Annette Huntsman v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1990
- Biehl v. Comm'rUnited States Tax Court · 2002
- Williams v. CommissionerUnited States Tax Court · 1990
- Brown Group v. CommissionerUnited States Tax Court · 1995
15 more not listed; retrieve them via the Exa API.