...rendered in producing the taxable income. (b) All interest paid within the taxable year on existing indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities, the interest from which is not or would not be taxable under this chapter. (c) Sums paid by the taxpayer...

...property to which the taxpayer has not taken or is not taking title or in which he has no equity; (2) All interest paid or accrued within the taxable year...the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation...

...interest deduction is a simple one. Deductions allowed to individuals.— LAW. Section 214. (a) .... (2) All interest paid or accrued within the taxable year...obligations of the United States issued after September 34, 1917), the interest upon which is wholly exempt from taxation under this title as income to the...

...allowance for obsolescence ; (8) Interest. — All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued...the United States issued after September 24, 1917, and originally subscribed for by the taxpayer), the interest upon which is wholly exempt from taxation...

...shall be allowed as deductions: ******* (2) All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued...obligations of the United States issued after September 24, 1017, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from...

...Columbia; .... "Sec. 214 (a) That in computing net income there shall be allowed as deductions: .... "(2) All interest paid or accrued within the taxable year...the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation...

...FROM GROSS INCOME.] [In computing net Income there shall be allowed as deductions:"] (b) Interest. — All interest paid or accrued within the taxable year...obligations of the United States issued after September 24. 1017, and originally subscribed for by the taxpayer) the Interest upon which is wholly exempt from...

...allowance for obsolescence; and (8) INTEREST.—All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued...the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation...

...OPINION. LEECH : Section 23 of the Revenue Act of 1928 allows as a deduction in computing net income: "All interest paid or accrued within the taxable year...continued to purchase or carry obligations or securities * * * the interest upon which is wholly exempt from taxation under this title." It is respondent's...

...deductions. Paragraph (8) permits deduction of: "All interest paid or accrued within the taxable year on its indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities . . . the interest upon which is wholly exempt from taxation under this title." The language of paragraph...