McALLISTER, Circuit Judge.
Petitioner, a corporate taxpayer, distributed to its stockholders a sum in excess of its earnings, as well as in excess of its net income, for the taxable year of 1936. The Commissioner levied a surtax on undistributed profits on the amount distributed to stockholders in excess of the earnings for the taxable year. His action was sustained by the Board of Tax Appeals, and petitioner seeks review.
As of the beginning of 1936, the...
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