...there appears the following : "Amendment No. 17 : Under existing law interest paid on indebtedness incurred or continued to purchase or carry obligations...September 24, 1917, and originally subscribed for t>y the taxpayer) is not allowed as a deduction if the interest received on such obligations is wholly...

...continued to purchase or carry obligations which yield interest wholly exempt from tnx・ 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・...

...(4) Depreciation. The depreciation deduction allowed by section 167. (5) Interest paid or accrued. All Interest paid or accrued within the taxable year...(other than obligations of the United States Issued alter September 24, 1917, and originally subscribed for by the taxpayer) the interest on which is wholly...

...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. 45 (6) Capital losses. — Capital losses...

...— Enter interest paid or accrued on business indebtedness. Do not include 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 income tax. (Section 265.) See section 267 for limitation on deductions...

...wholly exempt from the taxes imposed by this subtitle. "(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." SEC. 269. ACQUISITIONS MADE TO...

...including a reasonable allowance for obsolescence ; (E) Interest Paid or Accrued. — All interest pnid or accrued within the taxable year on indebtedness,...taxpayer) the interest upon which is wholly exempt from taxation uuder this chapter. (F) Capital Losses. — Capital losses to the extent provided in section...

...allowance for obsolescence; (E) Interest Paid or Accrued.—All interest paid or accrued within tbe taxable year on indebtedness, except on indebtedness...taxpayer) the interest upon which is wholly exempt from taxation under this chapter. (F) Capital Losses.—Capital losses to the extent provided in section...

...states : DEDUCTIONS FROM GROSS INCOME. In computing net income there shall be allowed as deductions : (b) INTEREST. — All interest paid or accrued within...incurred or continued to purchase or carry obligations * * * the interest upon which is wholly exempt (930) BIRCH RANCH & OIL CO. (c) TAXES— GENERALLY....

...AMENDMENT OF SECTION jes. — Section 265(2) (relating to tax-exempt interest) is amended by striking out " (other than obligations of the United States issued...1917, and originally subscribed for by the taxpayer) ". (38) AMENDMENT OF SECTION 26». — Section 269 (relating to 26 USC 269. acquisitions made to evade...