International Paper Co. v. United States

This case involves claims for refunds of undistributed profits taxes paid, under Section 14 of the Revenue Act of 1936, Ch. 690, 49 Stat. 1655, by plaintiff’s predecessor, Bag-pak, Inc., for the years 1936, in the sum of $237.50, and 1937, in the sum of $1,672.30.

Plaintiff bases its right to the refunds upon Section 26 (c) (3) of the Revenue Act of 1936, 49 Stat. 1664, as amended by Ch. 619, Title Y, Section 501 (a) (2) and 501 (c) of the Revenue Act' of 1942, 56 Stat. 798, 954, 26 U. S. C. A. 344, on the ground that Bagpak, Inc., had deficits in accumulated earnings and profits on December…