A deficiency in income tax for the year ended August 31, 1937, in the amount of $68,312.45 resulted from the Commissioner's determination that petitioner was not entitled to a dividends paid credit for any part of a distribution of $450,000 authorized by petitioner's board of directors on May 17, 1937. An increased deficiency was claimed in respondent's answer by reason of the failure to report accrued interest in the sum of $16,477.92. Petitioner concedes that this amount...
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