...wholly exempt from the taxes imposed under subtitle A of the Internal Revenue Code of 1954, or (b) obligations of the United States issued after September...originally subscribed for by the taxpayer, the interest on which is wholly exempt from the taxes imposed by subtitle A of the Internal Revenue Code of 1954,...

...'4) Depreciation. The depreciation deduction allowed by section 167. (5) Interest paid or accrued. All interest paid or accrued within the taxable year...on indebtedness incurred or continued to purchase or carry ob§ 1.822 ligations (other than obligations of the United States issued after September 24....

...interest on which is not wholly exempt from the taxes imposed under Subtitle A of the Code, or (2) obligations of the United States issued after September...originally subscribed for by the taxpayer, the interest on which is wholly exempt from the taxes Imposed by Subtitle A of the Code, is deductible. For rules...

...accrued) wholly exempt from the taxes Imposed by this subtitle. (2) Interest. Interest on Indebtedness Incurred or continued to purchase or carry obligations...obligations of the United States Issued after September 24,1917, and originally subscribed for by the taxpayer) the interest on which is wholly exempt from...

...contract. Sec. 201. (o) (6) Interest paid. —The term "interest paid" means (A) All interest paid within the taxable year on indebtedness, except on...than obligations of the United States issued after SepTaxable Years Beginning before 1944 Sec. 2O1. (c) (3) Adjusted re. serves. Section originated 1942...

...11. INTEREST Enter the amount of interest paid or accrued during the taxable year on the company's indebtedness, except on indebtedness incurred or continued...September 24, 1917. and originally subscribed for bv (he taxpayer) the interest upon which is wholly exempt from taxation. 12. OTHER CAPITAL LOSSES Enter...

...interest paid or accrued on business indebtedness. Do not include in item 21 interest on indebtedness incurred or continued to purchase or carry obligations...1917, and originally subscribed for by the taxpayer) tlie interest upon which is wholly exempt from taxation. (Sac also General Instruction С with re fere...

...contract. Sec. 2O 1. (c) (6) Interest paid.— The term "interest paid" means — (A) All interest paid within the taxable year on indebtedness, except on...taxpayer) the interest upon which is wholly exempt from taxation under this chapter, and (B) All amounts in the nature of interest, whether or not guaranteed,...

...Indebtedness, except (1) on Indebtedness Incurred or continued to purchase or curry obligations or securities (other than obligations of the United States Issued...wholly exempt from the taxes imposed by this title, or (2) on Indebtedness Incurred or continued In connection with the purchasing or carrying of an annuity."...

...TAX-EXEMPT INCOME. — No deduction shall be allowed for— * * * (2) INTEREST. — Interest on indebtedness incurred or continued to purchase or carry obligations...originally subscribed for by the taxpayer) the interest on which is wholly exempt from the taxes imposed by this subtitle. In applying the preceding sentence...