OPINION
DAVIS, Judge.
In this income tax refund suit for 1956, the litigants have stipulated the facts, and the issue is purely one of law. In 1955 taxpayer Bethlehem Steel Corporation issued for public distribution $191,659,000 of its 3¼% twenty-five year debentures, due May 1, 1980, on which interest was payable semi-annually on May 1 and November 1. Under the terms of the indenture (dated May 1, 1955), the debentures were convertible into Bethlehem...
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