This proceeding is for the redetermination of deficiencies in income tax for the fiscal years ended January 31, 1936, 1937, and 1938, in the amounts of $1,929.54, $2,637.92, and $73,227.89, respectively. The issues submitted for decision are (1) whether or not amounts accrued in the taxable years and paid by petitioner on its so-called preferred stock are deductible as interest, and (2) whether or not petitioner is entitled to take a bad debt deduction from gross income for...
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