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behalf of Brazos.
Petitioner's $1,087 interest payments in 1982 to GMAC were
on a loan to finance his pickup truck, described supra. For
1982, $125 of petitioner's interest on the loan to finance this
pickup truck is attributable to petitioner's law practice and his
farming activities.
Petitioner's $1,164 interest payments in 1982 to American
Exchange Bank, Norman, were on a loan to finance a "rent house"
that petitioner owned. On his 1982 tax return petitioner
reported an estimated $15,026 rental income. Supra table 3. The
record does not permit us to determine whether there was any
relationship between the "rent house" and the reported rental
income.
Petitioner's $10,000 interest payments in 1982 to Federal
Land Bank of Durant on a loan of about $120,000 were to finance a
1,000-acre ranch in Atoka. On his 1982 tax return petitioner
reported $7,538 farm income. Supra table 3. The notation
"Wheat" appears on this tax return on the same line as the income
amount. The record does not permit us to determine whether there
was any relationship between the Atoka ranch and the reported
farm income.
Petitioner's $6,374 interest payments in 1982 to Friendly
National Bank were on a loan to finance wire-form equipment that
was used for a business petitioner had an interest in. The
record does not permit us to determine the nature of petitioner's
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