Mr. Justice Brennan delivered the opinion of the Court. This case presents the question of whether deductions from gross income claimed on petitioners’ 1953 and 1954 joint federal income tax returns, of $143,465 in 1953 and of $147,105 in 1954, for payments made by petitioner, Karl F. Knetsch, to Sam Houston Life Insurance Company, constituted “interest paid ... on indebtedness” within the meaning of § 23 (b) o…
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