James Earl Lawson
Let me deal with the section. The section which is now in the act is being repealed. Section 5, subsection 1 of the Income War Tax Act now provides:
"Income" as hereinbefore defined shall for the purposes of this act be subject to the following exemptions and deductions-
(1) Interest paid in respect of succession duties or inheritance taxes.
By this amendment you do not propose to allow all interest paid in respect of inheritance taxes or succession duties, but only that portion of .the interest paid accruing due within the year in which the payment is made. If anyone suggests or expects me to accept the suggestion that that amendment is merely to make our statute conform to the practice, then I am sorry to say I cannot accept it.