Commonwealth Theatres Corp. v. Commissioner

THOMAS, Circuit Judge.

This case comes before the court on the petition of a taxpayer to review, reverse and set aside a decision (45 B.T.A. 532) of the United States Board of Tax Appeals *876finding a deficiency in income tax due for the calendar year 1936 in the sum of $2,-191, and to direct the Board in determining undistributed profits for that year to allow a credit in the amount of $24,999.98 and interest.

The single question presented is whether the petitioner is entitled to the credit allowed by § 26 (c) (2) of the Revenue Act of 1936, c. 690, 49 Stat. 1648, 1664, 26 U.S. C.A. Int.Rev.Acts,…