NEW YORK STOCKS, INC. v. COMMISSIONER

Docket No. 5924.

8 T.C. 322 (1947)

NEW YORK STOCKS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated February 17, 1947.


Attorney(s) appearing for the Case

Harris Berlack, Esq., for the petitioner.

Francis X. Gallagher, Esq., for the respondent.


Respondent determined a deficiency in income tax for the fiscal year ended May 31, 1940, in the amount of $6,165.61. Petitioner is a mutual investment company.

The only question is whether petitioner is entitled to a basic surtax credit, under section 27 (b) (1) of the Internal Revenue Code, for $40,932.69, the amount of its current net earnings which was included in the total sum paid upon the redemption of certificates of special stock which it redeemed at various...

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