...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...

...the year on indebtedness incurred or continued to purchase or carry obligations 298 Findings of Fact of the United States issued after September 24, 1917, the interest upon which is not wholly tax exempt, is deductible from gross income. 9. (a) The second exchange of correspondence...

...(Item 4 above), and tli« Income Inn on lli«- tmluncn !• c«lmtlBt««l al 10 |Mir «i«nl. lerest (except on indebtedness incurred or continued to purchase...States issued after September 24, 1917, the interest on which is wholly exempt from taxation (See paragraph 9, page 2, General Instructions'). xes (except...

...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 year...after September 24, 1917), the interest upon which is wholjy exempt from taxation under this title as income to the taxpayer, or, in the case of a nonresident...

...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 year...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...

...paid or accrued on indebtedness except that no deductions may be made for interest on indebtedness incurred or continued to purchase or carry obligations...after September 24, 1917), the interest upon which is declared by law to be tax exempt. In the case of a foreign corporation it is the proportion of such...

...The Revenue Act of 1918 does not permit the deduction of interest paid or accrued on "indebtedness incurred or continued to purchase or carry obligations...obligations of the United States issued after September 24, If)!?') the interest upon which is wholly exempt from taxation under this title as income to the taxpayer."8...

...NOTES ON THE REVENUE ACT OF 1918. 17 (2) All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued...securities (other than obligations of the United States isauod-aftor September 21, 1017 the income from which is subject, to graduated additional income taxes,...

...section 234 and insert in lieu thereof: (2) All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued...or securities (other than obligations of the United Statas ioauod after September 31, 1017 the income from which is subject to graduated additional income...