The respondent determined a deficiency in income tax for the year 1940 in the amount of $33,884.75. Three questions were raised by the pleadings, two of which are no longer in issue. Respondent concedes that petitioner is entitled to additional deductions aggregating $15,746.53. The only question is whether petitioner is entitled to a deduction in 1940 for $290,659.24 representing interest paid in 1940 on a 1930 Federal income tax deficiency of a consolidated group of which...
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