McCORD, Circuit Judge.
In determining the taxpayer's liability for surtax on undistributed profits for the years 1936 and 1937, the Board of Tax Appeals allowed credits claimed under § 26(c) (2) of the Revenue Act of 1936. § 26(c) (2), 26 U.S.C.A. Int.Rev.Acts, page 836.
Section 26(c) (2) provides that in computing the surtax on undistributed profits a credit be allowed in an amount equal to the portion of the earnings and profits of the taxable...
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