...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...

...from the sale or which is a stated sum per unit of such propI erty sold, or upon persons engaged ber 24, 1917, and originally subscribed for by the taxpayer)...upon which is wholly exempt from the taxes imposed by this chapter. Sec. 23. (c) Taxes generally.— Sec. 23. (c) (1) Allowance in general. — Taxes paid...

...Code, the term "interest paid" as used In section 805 (e) means the -mn of — (1) All interest for the taxable year on indebtedness, except on indebtedness...incurred or continued to purchase or carry obligations the interest on which U wholly exempt from tax under chapter 1 of the Code. Indebtedness does not iaclnde...

...purposes of subsection (c) (3), the term 'interest paid' means — "(1) all interest paid or accrued within the taxable year on indebtedness, except on...September 24, 1917, and originally subscribed for by tin: taxpayer) the interest on which is wholly exempt from taxation under this chapter; and "(2) all...

...erect.—Enter the amount of interest paid or accrued during the taxable year on the company's indebtedne«, except on indebtedness! Incurred or continued to purchase...obligations (other than obligations of the United State« issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest...

...purposes of subsection (c)(3), the term "Interest paid" means — (1) all interest paid or accrued within the taxable year on indebtedness except on...originally subscribed for by the taxpayer) the interest on which is wholly exempt from taxation under this chapter ; and (2) all amounts in the nature of interest,...

...— 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...

...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....

...accrued. — Enter the amount of interest paid or accrued during the taxable year on the company's indebtedness, except on indebtedness incurred or continued to purchase or carry obligations, the interest upon which is wholly exempt from taxation. 18. Other capital losses. — Enter losses...

...the deduction (or interest paid is the sum of — "(1) INTEREST ON INDEBTEDNESS. — All interest for the taxable year on indebtedness, except on indebtedness...incurred or continued to purchase or carry obligations the interest on which is wholly exempt from taxation under this chapter. "(2) AMOUNTS IN THE NATURE...