This proceeding involves deficiencies in petitioner's income tax for the years 1940, 1941, and 1942 in the respective amounts of $2,807.45, $3,912.26, and $4,596.36. The questions in issue are whether petitioner is entitled to deduct payments of interest on its debentures, and whether the Commissioner has correctly determined its depreciation deductions on a building which was under lease during the taxable years.
The parties have filed a lengthy stipulation of facts...
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