Associated Electric Co. v. United States

Plaintiff sues to recover undistributed profits surtax and" interest thereon, assessed against it by the Commissioner of. Internal Eevenue' for the year 1936, and paid by plaintiff on April 11,1942, in the amount of $51,233.39. ' ' • '

‘ Plaintiff contends that it is entitled to the refund claimed by. virtue of Section 26' (c) (l)1 of the Revenue Act'-of 1936 (49 Stat. 1648), which allows a credit for amounts which cannot be paid out as dividends without violating an express' provision Of a written contract executed prior to May 1,1936. Plaintiff urges that such a'restriction" on; the paymenf…