- 46 -
opinion1 93-2 USTC par. 50,461, 72 AFTR2d 93-5660 (D. Wyo. 1993).
Consistent treatment of individual taxpayers can be best achieved
by recognizing that interest on individual income tax
deficiencies is personal interest regardless of whether the
adjustment giving rise to the deficiency pertains to a
proprietorship, a partnership, or an S corporation.
An individual’s income tax liability is based on an
amalgamation of income derived from all sources and deductions,
credits, exclusions, exemptions, filing status, income bracket,
and other considerations. Income from an unincorporated business
is merely one of the many components necessary to determine what
is still in essence a tax on an individual's personal accessions
to wealth from whatever source derived. See James v. United
States, 366 U.S. 213, 219 (1961). Interest on a individual's
income tax liability represents a personal expense because the
underlying tax obligation is personal. See Miller v. United
States, supra at 691.
HAMBLEN, CHABOT, COHEN, GERBER, HALPERN, and BEGHE, JJ.,
agree with this dissent.
1 A copy of the unpublished opinion of the Court of Appeals
for the Tenth Circuit in True v. United States that appears at 74
AFTR2d 94-6253, is appended. Although citation of unpublished
opinions of the Court of Appeals for the Tenth Circuit remains
unfavored, unpublished opinions may now be cited if the opinion
has persuasive value on a material issue, and a copy is attached
to the citing document. See General Order of Nov. 29, 1993,
suspending 10th Cir. Rule 36.3.
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