United States Board of Tax Appeals May 26, 1925, Docket No. 932 (Appeal of National Bank of New Jersey)

DECISION.

The determination of the Commissioner is approved. The provisions of section 234 (a) (2) of the Revenue Act of 1918 permit the deduction of interest paid or accrued within the taxable year and do not contemplate the deduction of both interest paid and interest accrued within such year.