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O.K. TOOL CO. v. COMMISSIONER

Docket No. 1698.

4 T.C. 539 (1945)

THE O. K. TOOL COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 8, 1945.

Attorney(s) appearing for the Case

Frederick W. Marquand, Esq., for the petitioner.

Charles P. Reilly, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency of $7,020.84 in the income tax of the petitioner for 1939. The issue is whether the petitioner is entitled to a credit under section 131 (a) (1), Internal Revenue Code,1 for taxes paid or accrued during the taxable year to a foreign country. The petitioner in its return signified its desire to have the benefits of that section. The only question is whether...

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