McCORD, Circuit Judge.
This is an appeal from a decision of the Tax Court and involves a deficiency in income tax for the calendar year 1939.
The question involved is whether the deduction of accrued interest otherwise allowable by Section 23(b) of the Internal Revenue Code is barred by the provisions of Section 24(c). 26 U.S.C.A.Int.Rev. Code, § 24(c).
The important facts disclose that taxpayer, P. G. Lake, Inc., is a corporation engaged in oil...
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