Respondent determined deficiencies in income and excess profits taxes for the fiscal years ended June 30, 1952 and 1953, in the amounts of $5,966.19 and $8,383.36, respectively.
The questions to be decided are as follows:
1. Whether all or part of certain payments from political subdivisions which petitioner received in each of the taxable years were "interest" paid upon "obligations" of the political subdivisions, within the meaning of section 22 (b) (4)...
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