Continental Grain Co. v. Commissioner
United States Tax Court
Held: Petitioner's transferor, Allied Mills, Inc., is entitled to bad debt and worthless stock deductions on the liquidation of Allied's wholly owned subsidiary, Polo Food Products Co., as Polo was insolvent on the date of liquidation; section 332 inapplicable.
1Opinion of the Court
CONTINENTAL GRAIN COMPANY, TRANSFEREE OF ALLIED MILLS, INC., AS SUCCESSOR BY MERGER TO ELM CREEK ALFALFA MILLS, INC., ET AL., 1 Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Continental Grain Co. v. Commissioner
Docket Nos. 34157-84; 34163-84; 34164-84.
United States Tax Court
T.C. Memo 1988-577; 1988 Tax Ct. Memo LEXIS 606; 56 T.C.M. (CCH) 900; T.C.M. (RIA) 88577;
December 20, 1988.
Held: Petitioner's transferor, Allied Mills, Inc., is entitled to bad debt and worthless stock deductions on the liquidation of Allied's wholly owned subsidiary, Polo Food Products Co., as Polo was…
2Cases cited24 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- United States v. CartwrightSupreme Court of the United States · 1973
19 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Continental Grain Co. v. CommissionerUnited States Tax Court · 1989