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Table 8
Payee Amount Paid
Citizens National Bank, E1 Reno $30,804
Security Nat'l. Bank, Norman 5,383
GMAC 1,087
Am. Exchange Bank, Norman 1,164
Federal Land Bank of Durant 10,000
Friendly National Bank 6,314
First Bank in Atoka 413
G.E. Credit 1,776
John Deere 1,789
City National Bank, Norman 539
American Mortgage & Investment 534
Wells Fargo Credit 5,783
First State Bank, Stroud 22,500
Cessna Finance 1,542
First National Bank, Oklahoma City 4,068
Local Fed. S&L 5,382
Sooner Fed. S&L 3,856
Total 102,994
Petitioner claimed Schedule C interest expense deductions on
his tax returns for 1982 ($102,994), 1983 ($33,599), 1984
($36,058), and 1985 ($24,293). He did not claim such a deduction
on his tax return for 1986.
Petitioner's $30,804 interest payments in 1982 to Citizens
National Bank, E1 Reno, was on loans aggregating about $350,000.
About $125,000 of these loans was to finance a shop building that
was used for Empire. About $100,000 of these loans was to
finance speculative houses in the Oak Brook Estates addition, a
housing development involving Stroud Builders and Stroud Land.
Petitioner's $5,383 interest payments in 1982 to Security
National Bank, Norman, were on loans aggregating about $50,000 to
finance activities of Brazos. Petitioner paid these amounts on
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