SIBLEY, Circuit Judge.
The taxpayer, Roquemore Gravel & Slag Company, in its income tax return for the calendar year 1936, showed a net income, after adjustment, of $33,883, and the Commissioner assessed tax on it as undistributed profits, denying the claim of credit based upon a written contract executed prior to May 1, 1936, whose provisions would be violated by distributing any profits during the taxable year. On a petition to redetermine the tax the Board...
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