Gordon T. O'Brien and Derelyse O'Brien v. Commissioner of Internal Revenue

McKAY, Circuit Judge.

The issue in this case is whether both a new jobs credit and an investment credit may be claimed in full for the same expenditure.

In 1977 appellants constructed a fence. They claimed a new jobs credit under section 44B * on $3,050, the amount paid in wages for labor relating to the construction of the new fence. Appellants also claimed an investment tax credit under section 38 on that same $3,050. In the tax court, appellee argued that the allowance of both a new jobs credit and an investment credit for the full cost of the fence would provide petitioners with a double…