The Commissioner determined a deficiency of $12,205.38 in income tax for 1937 by disallowing a credit against adjusted net income under Section 26(c). The question is whether part or all of the taxpayer's net income could have been distributed without violating a contract.
Findings of Fact
The petitioner is a Virginia corporation engaged in Chicago, Illinois, in the meat packing business. It filed its 1937 income and excess profits tax return on the accrual...
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