STALEY, Circuit Judge.
These cases were heard separately but present identical questions of law and will be disposed of in one opinion. The facts were not disputed and may be stated very briefly.
Before the close of the taxable year, each taxpayer delivered its negotiable demand note made payable at a bank to the trustee of its exempt employees' pension trust. Although the full amount of each note was paid in cash with interest before the end of the calendar...
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