Court of Appeals for the Fifth Circuit March 24, 1942, No. 10069 (Mills v. Commissioner)

lead-opinion

McCORD, Circuit Judge.

The only question presented by the petition for review is whether the taxpayer is entitled to a credit under § 26(c) (1) of the Revenue Act of 1936 in computing its liability for the surtax imposed on undistributed profits by § 14 of the Act. §§ 14, 26(c) (1), 26 U.S.C.A. Int.Rev.Acts, pages 823, 836.