GRUBB, District Judge.
This is an appeal from the Board of Tax Appeals, and presents a single question, whether petitioner (the taxpayer), using the accrual method of computing net income, is entitled to deduct in 1920, interest paid during that year, which accrued in prior years on its obligations. The facts are not in dispute. Petitioner, a Texas corporation, in 1914 gave two series of notes, secured by deeds of trust, on its corporate property. One series consisted...
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