SIBLEY, Circuit Judge.
This case concerns the individual income taxes for the year 1940 of D. F. Howell as respects an item of $27,058.75, which on December 26, 1940, he paid as interest due on a large indebtedness to Howell Turpentine Company which was then in the course of dissolution. Howell owned 85% of the Company's stock. He in his tax return deducted the payment as interest paid, and the Company in its tax return included it as income received. The Commissioner...
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