The Commissioner determined deficiencies of $7,588.69 in corporation income tax and $2,196.12 in declared value excess profits tax for the fiscal year ending September 30, 1940. Certain minor concessions have altered the amounts in controversy to $6,940.15 and $2,415.73, respectively. These deficiencies resulted from a disallowance by the Commissioner of a claimed deduction of $40,000 for interest paid by the petitioner on certain securities issued in exchange for part of...
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