Memorandum Findings of Fact and Opinion
The Commissioner determined a $1,372.66 deficiency in petitioners' 1968 income tax. The only issue remaining in controversy is whether interest paid by petitioners on a mortgage loan was nondeductible pursuant to section 265(2), I.R.C. 1954, because the indebtedness was incurred or continued by them to purchase or carry tax-exempt securities.
Findings of Fact
The parties have filed a stipulation of facts...
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