This proceeding involves a deficiency in income tax for the year 1939 in the amount of $7,816.26. The sole question presented is whether section 24 (c) of the Internal Revenue Code prohibits the deduction of an amount otherwise deductible as accrued interest under section 23 (b).
FINDINGS OF FACT.
The petitioner, P. G. Lake, Inc., is a corporation chartered under the laws of Delaware and engaged in the business of oil production. Its principal office is...
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