Commissioner of Revenue v. Hayes

BRUCE C. STONE, Justice. *

In this appeal from the decision of the Tax Court, taxpayer claims that he is entitled to deduct from his Minnesota gross income the amount of property taxes and interest paid on out-of-state real property held solely for investment. The Tax Court affirmed the order of the Commissioner of Revenue, which denied the taxpayer’s claim for refund. We affirm.

The taxpayer-relator, Lawrence J. Hayes, and his wife Marcella, now deceased, asserted their right to deduct interest and real estate taxes paid on Illinois real estate held for investment purposes during 1971 through…