A deficiency in income tax for the year ended August 31, 1937, in the amount of $68,312.45 resulted from the Commissioner's determination that petitioner was not entitled to a dividends paid credit for any part of a distribution of $450,000 authorized by petitioner's board of directors on May 17, 1937. An increased deficiency was claimed in respondent's answer by reason of the failure to report accrued interest in the sum of $16,477.92. Petitioner concedes that this amount...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.