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WELSBACH STREET ILLUMINATING COMPANY v. COMMISSIONER

Docket No. 102430.

1 T.C.M. 309 (1942)

Welsbach Street Illuminating Company v. Commissioner.

United States Tax Court.

Entered December 26, 1942.

Attorney(s) appearing for the Case

Francis H. Scheetz, Esq., 1335 Land Title Bldg., Philadelphia, Pa., John M. Thompson, Esq., 1335 Land Title Bldg., Philadelphia, Pa., Albert S. Lisenby, Esq., and Hugh Satterlee, Esq., for the petitioner. Brooks Fullerton, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

LEECH, Judge:

Respondent determined deficiencies in income taxes of $34,521.30 for 1936 and $21,761.03 for 1937. The entire deficiency for each year is contested by petitioner which also claims an overpayment of $103.40 for 1936. The issue for each year is whether, in computing surtax on undistributed profits, petitioner is entitled to a credit under section 26(c) (1) or (2) of the Revenue Act of 1936.

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