WATERMAN, Circuit Judge:
The sole issue presented by this petition to review a decision of the Tax Court in favor of taxpayer, a trust, is whether a deduction claimed for the portion of the amortized cost of a purchased life estate which is allocable to income received from tax exempt interest is disallowed by § 265 (1) of the Internal Revenue Code.
The basic facts may be briefly summarized. In 1958, Clarence Dillon assigned 72% of his life estate and...
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