Rev. Rul. 70-284

Interest paid or accrued with respect to Federal income taxes does not become part of the "tax" assessed under section 6601 of the Internal Revenue Code of 1954 and is an allowable deduction under section 163 of the Code.

L.O. 922, C.B. 2, 227 (1920), is superseded, since the position set forth therein is restated under the current statute and regulations in this Revenue Ruling.

¹ Prepared pursuant to Rev. Proc. 67-6, C.B. 1967-1, 576.