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ROYAL MFG. CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 8200.

139 F.2d 958 (1943)

ROYAL MFG. CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Decided December 30, 1943.

Attorney(s) appearing for the Case

I. Herman Sher, of New York City (Thorpe Nesbit, of Philadelphia, Pa., and Hugh Satterlee, of New York City, on the brief), for petitioner.

Muriel S. Paul, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key and Helen R. Carloss, Sp. Assts. to the Atty. Gen., on the brief), for respondent.

Before JONES, Circuit Judge, and WATSON and MEANEY, District Judges.

JONES, Circuit Judge.

The corporate petitioner in computing its surtax for the year 1936 on its undistributed profits, as defined by Sec. 14(a) of the Revenue Act of 1936,1 took credit in the sum of $50,000 for a dividend allegedly paid within the meaning of Sec. 27 (a) of the same Revenue Act.2 The Commissioner disallowed the credit and determined a deficiency. The matter is now here on the taxpayer's petition...

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