- 39 -
Consumer Product Safety Commn. v. GTE Sylvania, Inc., 447 U.S.
102, 108 (1980); see also Halpern v. Commissioner, 96 T.C. 895,
899 (1991) (only "unequivocal evidence" of legislative purpose in
the history to a statute may override the plain meaning of the
words therein). I find no clear and unequivocal legislative
intent that would support the Commissioner's taking a position in
section 1.163-9T(b)(2)(i)(A), Temporary Income Tax Regs., that is
inconsistent with the statute. The conference report to the TRA
states that "Personal interest is any interest, other than
interest incurred or continued in connection with the conduct of
a trade or business (other than the trade or business of
performing services as an employee), investment interest, or
interest taken into account in computing the taxpayer's income or
loss from passive activities for the year." H. Conf. Rept.
99-841, at II-154 (1986), 1986-3 C.B. (Vol. 4) at 154; see also
S. Rept. 99-313, at 804-806, 1986-3 C.B. (Vol. 3) at 804-806.
Although the conference report further states that "Personal
interest also generally includes interest on tax deficiencies",
H. Conf. Rept. 99-841, at II-154, 1986-3 C.B. (Vol. 4) at 154,
I agree with the majority that this reference is to tax
deficiencies that are not business related. I do not believe
that the Congress meant to change sub silentio the pre-existing
judicial view that interest on income tax deficiencies
attributable to a trade or business is deductible. I conclude
that the disallowance for personal interest in section 163(h)(2)
relates only to interest not qualifying as a trade or business
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