Metal Specialty Co. v. Commissioner

ALLEN, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals which sustained the Commissioner in his determination of a deficiency in income tax in the amount of $7,152.09 for the fiscal year ended September 30, 1937. Petitioner claimed a credit in the amount of $29,017.36 under Section 26(c) (1) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 836, which permits a credit in “An amount equal to the excess of the adjusted net income over the aggregate of the amounts which can be distributed within the taxable year as dividends without violating a provision…