Respondent determined a deficiency of $15,707.23 in petitioner's income tax liability for its fiscal year ending June 30, 1946.
The sole issue is whether respondent erred in reducing from the rate of 5 per cent to 3 per cent petitioner's deduction of interest on certain obligations.
Petitioner is a corporation organized in 1940 under the laws of the State of Washington, with its principal...
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