Attorney(s) appearing for the Case
Mr. James S.Y. Ivins, with whom Mr Kingman Brewster was on the brief, for petitioner.
Assistant Attorney General Youngquist, with whom Solicitor General Thacher, and Messrs. Sewall Key, J. Louis Monarch, and Paul D. Miller were on the brief, for respondent.
Supreme Court of United States.
Mr. JUSTICE ROBERTS delivered the opinion of the Court.
The Revenue Act of 1921 defines gross income as including gains, profits and income derived by the taxpayer from any source whatever, and provides that in computing net income of a corporation "all interest paid or accrued within the taxable year on its indebtedness" is deductible from such gross income. Treasury regulations promulgated under authority of the statute state that if
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