United States Board of Tax Appeals May 6, 1941, Docket No. 102565. (Lehigh Structural Steel Co. v. Commissioner)

lead-opinion

*423OPINION.

Sternhagen :

The petitioner claims a credit for the amount set aside in the sinking fund for the purchase and retirement of its preferred stock. The Commissioner has disallowed the credit “because the instrument on which your claim for credit is based does not satisfy the conditions as prescribed in section 26 (c) (1), Revenue Act of 1936.