Oviatt's v. Commissioner

STEPHENS, Circuit Judge.

This appeal, is from a decision of the Board of Tax Appeals disallowing a credit of $47,127.61 claimed by petitioner herein, a California corporation with its principal office in Los Angeles, California, against its net taxable income on which a deficiency surtax on undistributed profits for the fiscal year ending January 31, 1937, was assessed by the Commissioner in the amount of $5,802.22, under the provisions of Section 26(c) of the Revenue Act of 1936. Act of June 22, 1936, c. 690, § 26, 49 Stat. 1664, 26 U.S.C.A. Int.Rev.Acts, page 836.

It appears that the petition…