Legal Opinion
Fleming v. Citizens for Albemarle, Inc.
Court of Appeals for the Fourth Circuit
Decided June 12, 1978No. 76-2308PublishedCited by 6 opinions
1Opinion of the Court
BUTZNER, Circuit Judge:
Bernard P. McDonough and Alma G. McDonough appeal from a judgment of the Tax Court which sustained the commissioner’s determination that the taxpayers’ payment of interest on margin accounts and short-term bank loans was incurred or continued in order to purchase or carry tax-exempt securities.1 We affirm the Tax Court’s disallowance of this interest.
In 1972 and 1973 the taxpayers paid interest on brokerage margin accounts through which only taxable securities were bought and sold. They also paid interest on short-term bank loans used primarily to pay income taxes.…
2Cases cited4 opinions
- Indian Trail Trading Post, Inc. v. CommissionerUnited States Tax Court · 1973
- Indian Trail Trading Post, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1974
- Israelson v. United StatesDistrict Court, D. Maryland · 1973
- Israelson v. United StatesCourt of Appeals for the Fourth Circuit · 1974
3Cited by6 opinions
- Usery v. BrandelDistrict Court, W.D. Michigan · 1980
- Atlantic Mutual Insurance Company v. Northwest Airlines, Inc.Court of Appeals for the Seventh Circuit · 1994
- United States v. Yonkers Board of EducationCourt of Appeals for the Second Circuit · 1986
- Atlantic Mutual Insurance v. Northwest Airlines, Inc.Court of Appeals for the Seventh Circuit · 1994
- Fleming v. Citizens for Albemarle, Inc.Court of Appeals for the Fourth Circuit · 1978
1 more not listed; retrieve them via the Exa API.