Memorandum Opinion
LEECH, Judge:
Respondent determined a deficiency against petitioner in income tax of $2,247.06 for the fiscal year ending June 30, 1938. The issue presented is the correctness of respondent's computation of surtax on undistributed profits.
[The Facts]
The pertinent facts are formally stipulated and are included by reference as our findings of fact. The petitioner is a Florida corporation organized July 2, 1935...
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