MID-CONTINENT SUPPLY CO. v. COMMISSIONER

Docket No. 1429-75.

67 T.C. 37 (1976)

MID-CONTINENT SUPPLY CO., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed October 18, 1976.


Attorney(s) appearing for the Case

Whitfield J. Collins, for the petitioner.

Robert M. Smith, for the respondent.


OPINION

FEATHERSTON, Judge:

Respondent determined deficiencies in the amounts of $532,874.53 and $126,178.29 in petitioner's Federal income tax for 1969 and 1970, respectively. Petitioner did not contest the determination of the deficiency for 1969; other issues having been settled by the parties, the issues remaining for decision as to the 1970 taxable year are as follows:

(1) Whether the foreign tax credit allowable in respect of Western...

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