PHILADELPHIA RECORD COMPANY v. COMMISSIONER

Docket No. 108327.

1 T.C.M. 486 (1943)

The Philadelphia Record Company v. Commissioner.

United States Tax Court.

Entered January 23, 1943.


Attorney(s) appearing for the Case

Jerome J. Rothschild, Esq., for the petitioner. Paul E. Waring, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

The respondent determined an income tax deficiency against petitioner for the calendar year 1937 in the amount of $10,502.54.

Petitioner assigns error in the respondent's failure, in computing its surtax or undistributed profits, to allow it a credit for that year in the total amount of its adjusted net income during that year of $171,992.29.

The petitioner also claims an overpayment for the taxable year in...

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