Respondent determined a deficiency in income tax for the fiscal year ended May 31, 1940, in the amount of $6,165.61. Petitioner is a mutual investment company.
The only question is whether petitioner is entitled to a basic surtax credit, under section 27 (b) (1) of the Internal Revenue Code, for $40,932.69, the amount of its current net earnings which was included in the total sum paid upon the redemption of certificates of special stock which it redeemed at various...
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