...continued to purchase or carry obligations which yield interest wholly exempt from tax, except such obligations of the United States issued after September...1917, and originally subscribed for by the taxpayer. Deductions on account of interest should be itemized and explained in Schedule A on page 2 of the return....

...computing net Income there shall be allowed as deductions : • •»•••• (b). INTBHBST. — All Interest paid or accrued within the taxable year...United States Issued after September 24, 1917, and original!; subscribed for by the taxpayer) the Interest upon which Is wholly exempt from the taxes...

...FROM GROSS INCOME In computing net Income there shall be allowed as deductions : • •••»«. (b) INTEREST. — All Interest paid or accrued within...obligations of the United States Issued after September 21, 1917, and originally subscribed for by the taxpayer) the Interest upon which Is wholly exempt from...

...the taxable year on Indebtedness, except on Indebtedness Incurred or continued to purchase or curry obligations (other than obligations of the United...which Is wholly exempt from the taxes Imposed by this chapter. ' Rev. Rul. 54-94 : The attention of the Internal Revenue Service has been called to several...

...(4) Depreciation. The depreciation deduction allowed by section 167. (5) Interest paid or accrued. All interest paid or accrued within the taxable year...originally subscribed for by the taxpayer) the interest on which is wholly exempt from taxation under this subtitle. (6) Capital losses. Capital losses to...

...DEPRECIATION. — The depreciation deduction allowed by section 167. (5) INTEREST PAID OR ACCRUED. — All interest paid or accrued within the taxable year...originally subscribed for by the taxpayer) the interest on which is wholly exempt from taxation under this subtitle. (6) CAPITAL LOSSES. — Capital losses...

...shall be allowed as deductions : • *•*»*• (b) INTEREST. — AH Interest paid or accrued wllliin the taxable year on Indebtedness, except on Indebtedness...subscribed for by the taxpayer) the Interest upon which \8 wholly exempt from the taxes Imposed by this chapter. As to the disputed interest (Greenview), respondent,...

...indebtedness, except (1) on indebtedness incurred or continued to purchase or carry 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."...

...year on indebted ness, except on indebtedness Incurred or continued to purchase or carry obliprntions (other than obligations of the United States issued...1917, and originally subscribed for by the taxpayer) tbe interest upon which is wholly exempt from the taxes imposed by this chapter. No contention is made...

...years involved herein, provides that in computing net income there shall be allowed as a deduction — subscribed for by the taxpayer) the interest upon...which is wholly exempt from the taxes imposed by this chapter. No contention is made or could be made that the exception quoted above applies here, nor does...