American Mfg. Co. v. Commissioner
United States Tax Court
Corporation A owned 100 percent of the stock of corporation B, an American subsidiary, and corporation C, a foreign subsidiary. Corporation B sold its operating assets to corporation C for cash. Subsequent thereto, corporation B owned only cash and receivables, which it distributed in liquidation to its parent, corporation A. No sec. 367 clearance was obtained for the transaction involving the foreign subsidiary.
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Corporation A owned 100 percent of the stock of corporation B, an American subsidiary, and corporation C, a foreign subsidiary. Corporation B sold its operating assets to corporation C for cash. Subsequent thereto, corporation B owned only cash and receivables, which it distributed in liquidation to its parent, corporation A. No sec. 367 clearance was obtained for the transaction involving the foreign subsidiary. Held, the various steps, including the liquidation of corporation B, were integral parts of a reorganization of corporation B within the purview of sec. 368(a)(1)(D) and the gain to…
1Opinion of the Court
Forrester, Judge:
In these consolidated cases respondent has determined deficiencies in petitioner’s income taxes as follows:
Docket No. Taxable year Deficiency ended
4028-65_ 12/31/55 $56, 016. 14
4027-65___ PI 8/25/58 11,247.13
In amended answers respondent claimed increased deficiencies in petitioner’s income taxes as follows:
Taxable year Additional Docket No. ended Deficiency
4028-65___ 12/31/55 $145,372.21
4027-65_ [1] 8/25/58 2, 165. 14
Concessions having been made, the issues remaining for decision in docket No. 4028-65 are whether distributions, received by a parent corporation in…
2Cases cited27 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Bazley v. CommissionerSupreme Court of the United States · 1947
- J. E. Davant and Kathryn Davant v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. J. E. Davant and Kathryn DavantCourt of Appeals for the Fifth Circuit · 1966
- Lewis v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1949
- South Texas Rice Warehouse Co. v. CommissionerUnited States Tax Court · 1965
22 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- Atlas Tool Co. v. CommissionerUnited States Tax Court · 1978
- G.D. Searle & Co. v. CommissionerUnited States Tax Court · 1987
- Lessinger v. CommissionerUnited States Tax Court · 1985
- Atlas Tool Co., Inc. v. Commissioner of Internal Revenue, (Tax Court Docket No. 7633-74). Atlas Tool Co., Inc., Successor to Fletcher Plastics, Inc. v. Commissioner of Internal Revenue, (Tax Court Docket No. 7634-74). Stephan Schaffan and Mildred Schaffan v. Commissioner of Internal Revenue, (Tax Court Docket No. 7635-74). Appeal of Atlas Tool Co., Inc., Atlas Tool Co., Inc., Successor to Fletcher Plastics, Inc., Stephan Schaffan and Mildred Schaffan, Atlas Tool Co., Inc. v. Commissioner of Internal Revenue, (Tax Court Docket No. 7633-74). Atlas Tool Co., Inc., Successor to Fletcher Plastics, Inc. v. Commissioner of Internal Revenue, (Tax Court Docket No. 7634-74). Stephan Schaffan and Mildred Schaffan v. Commissioner of Internal Revenue, (Tax Court Docket No. 7635-74). Appeal of Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1980
- Kansas Sand and Concrete, Inc., Transferee and Kansas Sand and Concrete, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1972
31 more not listed; retrieve them via the Exa API.