Scofield v. Valley Pipe Line Co.

HUTCHESON, Circuit Judge.

Appellee, in its income tax return for 1936, claimed an undistributed profits *836surtax credit1 of $77,228.55 paid in that year under a contract restricting payment of dividends.2 The claim disallowed, appellee sued, and obtained judgment against, the collector for $11,642.69, the overpayment resulting from the disallowance. The collector is here insisting that the facts stipulated and found3 do not support the conclusion and judgment that payments on which' the claim was based “had been made within the taxable year from the earnings and profits of that year under the…