PER CURIAM.
On this appeal by the taxpayer, Beaver Pipe Tools, Inc., from the decision of the district court dismissing its complaint, the issue is whether interest paid by the taxpayer on preferred debentures having no fixed maturity date, issued by the taxpayer in exchange for its outstanding cumulative preferred stock, is deductible as interest paid on indebtedness within the meaning of 26 U.S.C. § 23(b).
United States District Judge Paul Jones, in...
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