SCOTT, Judge:
Respondent determined deficiencies in petitioner's income tax for the years 1958 and 1959 in the amounts of $5,457.98 and $5,600.85, respectively. The issue for decision is whether interest paid by petitioner in 1958 and 1959 in the respective amounts of $6,446.12 and $7,057.83 was on indebtedness incurred or continued to purchase or carry obligations the interest on which is wholly exempt from income tax, within the meaning of section 265(2)...
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