Llewellyn v. Commissioner
United States Tax Court
Held, interest expense cannot be netted against interest income to determine gross receipts from interest within the meaning of sec. 1372(e)(5)(B), I.R.C. 1954.
1Opinion of the Court
OPINION
Wiles, Judge:
On October 3, 1977, respondent filed a motion for summary judgment pursuant to Rule 121, Tax Court Rules of Practice and Procedure.
Respondent determined the following deficiencies in petitioners’ income taxes:
Docket Nos. Year Deficiency
10291-75 .1970 $13,695.71
1971 3,311.75
1972 3,078.02
1973 5,052.92
10297-75 .1970 2,044.22
1971 4,606.41
1972 3,289.08
10298-75 .1971 4,008.44
1972 5,951.57
1973 9,060.88
The sole issue under the motion is whether interest expense may be netted against interest income for purposes of computing the $3,000 passive investment income exception found in…
2Cited by4 opinions
- Greene v. CommissionerUnited States Tax Court · 1978
- Greene v. CommissionerUnited States Tax Court · 1978
- Llewellyn v. CommissionerUnited States Tax Court · 1978
- Sanborn v. CommissionerUnited States Tax Court · 1983