Ascertained liability for bond discount allows deduction in year of issue rather than year of resumption. When debentures are issued on discount by a financial institution, the discount becomes an ascertained liability in the year of issue, and the loss represented by that discount is deductible in the year of issue rather than deferred.
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Provisions expressly mentioned in the judgment/order text.
Ascertained liability for bond discount allows deduction in year of issue rather than year of resumption.
When debentures are issued on discount by a financial institution, the discount becomes an ascertained liability in the year of issue, and the loss represented by that discount is deductible in the year of issue rather than deferred.
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