Alan B. Karme and Laila M. Karme v. Commissioner of Internal Revenue

U.S. Court of Appeals, Ninth Circuit · Decided 1982-04-05

Cited by 151 later decision(s) in our corpus · see the citation network in Lexace

From the opinion

SCHROEDER, Circuit Judge: This is an appeal from a decision of the tax court that a $60,000 payment by the Appellants, Alan B. and Laila M. Karme, was not deductible under I.R.C. § 163, 26 U.S.C. § 163 , as interest paid on an indebtedness because there was no genuine indebtedness. The transactions out of which the claimed interest deductio…

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