...grogs Income. In computing net Income there shall be allowed as deductions : ***** (b) Interest. — All Interest paid or accrued within the taxable year...Incurred or continued to purchase or carry obligations (other than obligations of the United States Issued after September 24, 1017, and originally subscribed...

...as deductions: Opinion of the Court "(2) All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities * * * the interest upon which is wholly exempt from taxation under this title." Neither the Joint Stock...

...state deduction is on the basis stated above. The corresponding federal provision reads as follows: " All interest paid or accrued within the taxable year...of 'the United States, issued after September 24, 1917), the interest upon which is wholly exempt from taxation under this title as income to the taxpayer...

...(b). — LAW. Section 234. (a) .... (2) All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued...obligations of the United States issued after September 24, 1917) the interest upon which is wholly exempt from taxation under this title as income to the taxpayer,...

...the United States. SEC. 214. (a) That in computing net income there shall be allowed as deductions: (2) All interest paid or accrued within the taxable...obligations of the United States issued after September 24, 1917), the interest upon which is wholjy exempt from taxation under this title as income to the taxpayer,...

...property to which the taxpayer has not taken or is not taking title or in which he has no equity. 63. (2) All interest paid or accrued within the taxable...obligations of the United States issued after September 24, 1917), the interest upon which is wholly exempt from taxat-ion under this title as income to the taxpayer,...

...property to which the taxpayer has not \ taken or is not taking title or in which he has no equity; (2) All interest paid or accrued within the taxable...obligations of the United States issued after September 24, 1917), the interest upon which is wholly exempt from taxation under this title as income to the taxpayer,...

...of property to which the taxpayer has not taken or is not taking title or in which he has no equity; (2) All interest paid or accrued within the taxable...obligations of the United States issued after September 24, 1917), the interest upon which is wholly exempt from taxation under this title as income to the taxpayer,...

...Comptroller [Vol. 20] the basis stated above. The corresponding Federal provision reads as follows : "All interest paid or accrued within the taxable year...obligations of the United States, issued after September 24. 1917), the interest upon which is wholly exempt from taxation under this title as income to the taxpayer...

...of property to which the taxpayer has not taken or is not taking title or in which he has no equity; (2) All interest paid or accrued within the taxable...obligations or securities (other than obligations of the Unite.1 States issued after September 24, 1917), the interest upon which is wholly exempt from taxation...