Midland Management Co. v. Commissioner
United States Tax Court
Held, petitioner, as the common parent corporation, and its several affiliates are not entitled to deduct a consolidated net operating loss carryback where six of the affiliated corporations to which the losses are attributable were not members of the affiliated group and not in existence during the year to which the losses are sought to be carried.
1Opinion of the Court
Withey, Judge:
Respondent has determined a deficiency in the income tax of petitioner for its taxable year ended September 30, 1955, in the amount of $12,590.80.
The issue presented is whether the respondent has erred in disallowing the loss carryback of an affiliated group of corporations from the taxable year ended September 30,1957, to the taxable year ended September 30, 1955, when certain corporations which sustained the losses in 1957 were not members of the affiliated group and not in existence during 1955. Because of our decision of this issue, we do not reach two additional issues…
2Cases cited8 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Seaboard Commercial Corp. v. CommissionerUnited States Tax Court · 1957
- Trinco Industries, Inc. v. CommissionerUnited States Tax Court · 1954
- Swift & Co. v. United StatesUnited States Court of Claims · 1930
- Robert L. Phinney and United States of America v. Houston Oil Field Material Company, Inc., and Its SubsidiariesCourt of Appeals for the Fifth Circuit · 1958
3 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Amorient, Inc. v. CommissionerUnited States Tax Court · 1994
- Daron Industries, Inc. v. CommissionerUnited States Tax Court · 1974
- Amorient, Inc. v. CommissionerUnited States Tax Court · 1994
- Daron Industries, Inc. v. CommissionerUnited States Tax Court · 1974
- Midland Management Co. v. CommissionerUnited States Tax Court · 1962