The Commissioner determined a deficiency in petitioners' 1956 income tax in the amount of $4,620.15. At issue is whether interest due on U.S. Government obligations allegedly sold short to the Gibraltar Financial Corporation was in fact paid in 1956 to that corporation and was deductible by petitioners as an expense paid in 1956 for the production or collection of income.
FINDINGS OF FACT
The facts stipulated by the parties and exhibits introduced in evidence...
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