Memorandum Findings of Fact and Opinion
WITHEY, Judge:
The respondent determined a deficiency of $1,563.85 in the petitioner's income tax for the fiscal year ended May 31, 1951. The issues presented are the correctness of the respondent's action: (1) In determining that in the computation of its net income and its excess profits tax net income for the fiscal year ended May 31, 1951, the petitioner was not entitled to deduct as interest an amount of $3,666...
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