The petitioner asks for a redetermination of a deficiency in income tax for the calendar year 1940 in the amount of $10,344.29. The questions in issue are:
(1) Whether the respondent erred in including in the gross income of the petitioner $124,446.56 representing accrued interest on mortgage loans realized through the acquisition of mortgaged property by foreclosure proceedings.
(2) Whether the petitioner is entitled to deduct from gross income $16,255.28...
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