TERRY, Justice.
This case comes to this Court on appeal from the State Tax Board. The sole issue to be determined is whether interest paid on certain loans secured by an annuity policy is deductible for tax purposes under the Delaware State Income Tax statute.
There is no genuine dispute as to the material facts.
On January 19, 1954, William K. Carpenter, a cash basis taxpayer, purchased a single premium annuity policy from the Old Republic Credit...
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