The Commissioner determined deficiencies in petitioner's income tax of $100,751.67 for the year 1936 and $37,182.72 for the year 1937. The petitioner was assessed and has paid normal income tax of $85,365.58 for the year 1936 and $30,643.38 for the year 1937. The deficiencies in question are entirely due to the imposition by the Commissioner of a surtax on undistributed profits as provided by section 14 of the Revenue Act of 1936.
In its income tax returns for each...
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