Legal Opinion
Commissioner of Internal Revenue v. Liberty Nat. Co.
Court of Appeals for the Tenth Circuit
Decided March 7, 1932No. 440PublishedCited by 10 opinions
1Opinion of the Court
MeDERMOTT, Circuit Judge.
The Liberty National Company and the Liberty National Bank are affiliated corporations — child and parent. Section 249 of the Revenue Act of 1918 (49 Stat. 1082) required them to file consolidated returns, and *59taxes were computed on the invested capital of the unit and levied upon the consolidated income of the unit. Items of profit and loss arising out of transactions between corporations within the unit were disregarded. For taxation purposes, the group was treated as a unit.
Prior to 1921 the bank had acquired Liberty bonds by purchase from the public of a par value…
2Cases cited6 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- United States v. LudeySupreme Court of the United States · 1927
- United States v. Boston & Maine RailroadSupreme Court of the United States · 1929
- Luckenbach Steamship Co. v. United StatesSupreme Court of the United States · 1930
- Ice Service Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1929
1 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Aston v. Comm'rUnited States Tax Court · 1997
- J. K. Hughes Oil Co. v. BassCourt of Appeals for the Fifth Circuit · 1932
- Santa Monica Mountain Park Co. v. United StatesCourt of Appeals for the Ninth Circuit · 1938
- Ronald Press Co. v. SheaDistrict Court, S.D. New York · 1939
- Aluminum Co. of America v. United StatesCourt of Appeals for the Third Circuit · 1933
5 more not listed; retrieve them via the Exa API.