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Internal Revenue Service.5 It is difficult to imagine that
Congress was not aware of the number of individuals engaged in
sole proprietorships in 1986. It is even more difficult to
comprehend that Congress would deny this large segment of the
business world a deduction for interest, which I believe is
clearly allocable to a trade or business, without more discussion
in the legislative history, or at least a clear directive to the
Commissioner to effect such a policy. To permit such a result is
to allow the Commissioner to make an end run around the
legislative powers of Congress.
For the foregoing reasons, I respectfully dissent.
SWIFT, COLVIN, LARO, and VASQUEZ, JJ., agree with this
dissenting opinion.
5 Statistics of Income Bulletin, Vol. 21, no. 1, from table
1.–Nonfarm sole proprietorships: business receipts, payroll, and
net income, by industrial sectors classified with the North
American Industries Classification System, Summer 2001.
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