United States Board of Tax Appeals February 10, 1939, Docket No. 89253. (Fackler v. Commissioner)

lead-opinion

*398OPINION.

Leech :

The first issue is whether the amounts paid during the two taxable years as prepaid interest were deductible under section 23 (b) of the Revenue Act of 1934.1 That section allows the deduction of “All interest paid or accrued within the taxable year on indebtedness.