RAUM, Judge:
The Commissioner determined deficiencies of $15,625.70 and $14,812.23 in petitioner's Federal income taxes for the calendar years 1967 and 1968, respectively. At issue are: (1) Whether portions of the interest expense deductions claimed by petitioner for the taxable years should be disallowed because they represent interest on indebtedness "continued to purchase or carry" tax-exempt obligations within the meaning of section 265(2), I.R.C. 1954...
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