General Retail Corp. v. Commissioner
United States Tax Court
Corporation organized after 1945 but which acquired all its assets from parent corporation in business since 1925, held, to have commenced business prior to 1945 for excess profits tax purposes under section 430 (e), I. R. C. 1939, Excess Profits Tax Act of 1950, so as to be barred from preferential tax rate as a new corporation.
1Opinion of the Court
OPINION.
Opper, Judge:
Petitioner claims to be entitled to the preferential tax treatment accorded “a new corporation” under section 430 (e), I. E. C. 1939, as added by the Excess Profits Tax Act1 of 1950. The facts are not in dispute. Petitioner acquired all of its assets from its parent, General, and while petitioner concededly commenced business after July 1, 1945, General had been operating since 1925. Petitioner says that its stock was owned by General and not by General’s stockholders, and respondent insists that the rule of attribution requires that petitioner’s stock be considered as…
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