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AMERICAN GYPSUM COMPANY v. COMMISSIONER

Docket No. 106317.

3 T.C.M. 286 (1944)

The American Gypsum Company v. Commissioner.

United States Tax Court.

Entered March 29, 1944.

Attorney(s) appearing for the Case

John H. Watson, Jr., Esq., Robert W. Wheeler, Esq., and Oscar D. Stern, Esq., for the petitioner. W. W. Kerr, Esq., for the respondent.

Memorandum Opinion

LEECH, Judge:

Respondent has determined a deficiency in income tax of petitioner of $15,676.08 for the calendar year 1936, of which $15,080.87 is in controversy. The disputed tax was determined by respondent as surtax on undistributed profits. Petitioner contends that it is (a) entitled under section 26 (c) (1) of the Revenue Act of 1936 to a credit in the full amount of its adjusted net income for that year

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