National Casket Co. v. Commissioner
United States Board of Tax Appeals
1. The petitioner is a member of a group of affiliated corporations which for many years have filed consolidated returns upon the basis of a fiscal year ended June 30. It owned all of the capital stock of one of the affiliates, which was liquidated and dissolved in 1928, and sustained a loss thereby. The liquidated corporation operated at a profit for the fiscal year ended June 30, 1925, but at a loss in the succeeding years.
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1. The petitioner is a member of a group of affiliated corporations which for many years have filed consolidated returns upon the basis of a fiscal year ended June 30. It owned all of the capital stock of one of the affiliates, which was liquidated and dissolved in 1928, and sustained a loss thereby. The liquidated corporation operated at a profit for the fiscal year ended June 30, 1925, but at a loss in the succeeding years. Held, that the loss sustained by the petitioner in 1928 should be decreased by the losses of the liquidated corporation during the period of affiliation. 2. Under an…
1Opinion of the Court
NATIONAL CASKET COMPANY, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
National Casket Co. v. Commissioner
Docket No. 50320.
United States Board of Tax Appeals
29 B.T.A. 139; 1933 BTA LEXIS 992;
October 20, 1933, Promulgated
1. The petitioner is a member of a group of affiliated corporations which for many years have filed consolidated returns upon the basis of a fiscal year ended June 30. It owned all of the capital stock of one of the affiliates, which was liquidated and dissolved in 1928, and sustained a loss thereby. The liquidated corporation operated at a profit for the…
2Cases cited4 opinions
- Burnet v. Aluminum Goods Manufacturing Co.Supreme Court of the United States · 1933
- H. H. Brown Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- Summerfield Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- National Casket Co. v. CommissionerUnited States Board of Tax Appeals · 1933