NORTHWEST STEEL ROLLING MILLS v. COMMISSIONER OF INT. REV.

No. 9207.

110 F.2d 286 (1940)

NORTHWEST STEEL ROLLING MILLS, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

March 1, 1940.


Attorney(s) appearing for the Case

Eggerman & Rosling, D. G. Eggerman, and Walser S. Greathouse, all of Seattle, Wash., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, L. W. Post, and James P. Garland, Sp. Assts. to Atty. Gen., for respondent.

Robert L. Judd, of Salt Lake City, Utah, and Harry O. Glasser, of Enid, Okl., amici curiæ.

Before GARRECHT, HANEY, and STEPHENS, Circuit Judges.


STEPHENS, Circuit Judge.

This appeal involves the question of the validity of a levy of a surtax under the Revenue Act of 1936 [c. 690, 49 Stat. 1648, 26 U.S.C.A. Int.Rev.Acts] upon the undistributed profits of the taxpayer. The taxpayer contends that it is entitled to a credit under Section 26 of the Act, which reads in part as follows:

"Sec. 26. Credits Of Corporations.

"In the case of a corporation the following credits shall be allowed to the extent...

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