LINDLEY, District Judge.
By this review the correctness of a decision of the Board of Tax Appeals holding the taxpayer entitled to a credit under section 26(c) (1) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 836, because of a covenant in its written contract with its noteholders which prohibited certain dividends, is questioned.
Respondent is an Indiana corporation with a capital of 60,000 shares of common stock of par value of $50 each. Of...
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