Wolter Constr. Co. v. Commissioner
United States Tax Court
W Corp. and R Corp. were owned by substantially the same group of shareholders. Beginning in 1970, W owned 80 percent of R's outstanding common stock, and thereafter consolidated returns were filed by W and R. In the years at issue, R reported no taxable income. Held, the affiliated group is not permitted deductions for carryovers of preaffiliation net operating losses incurred by R.
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined the following deficiencies in petitioner’s Federal income taxes:
Year Deficiency
1970. $7,052.48
1971. 45,238.81
The sole issue for decision is whether petitioner is entitled to reduce its taxable income by deducting net operating losses incurred by its subsidiary in years prior to the time that it became a member of petitioner’s affiliated group and reported in the subsidiary’s separate returns.
All of the facts have been stipulated and are so found. The stipulation of facts and the exhibits attached thereto are incorporated herein by this reference.
W…
2Cases cited15 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. CorrellSupreme Court of the United States · 1967
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Helvering v. WinmillSupreme Court of the United States · 1938
- Woolford Realty Co. v. RoseSupreme Court of the United States · 1932
10 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Wolter Construction Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1980
- J. A. Tobin Constr. Co. v. CommissionerUnited States Tax Court · 1985
- Wegman's Properties, Inc. v. CommissionerUnited States Tax Court · 1982
- Insilco Corp. v. CommissionerUnited States Tax Court · 1979
- Foley Machinery Co. v. CommissionerUnited States Tax Court · 1988
8 more not listed; retrieve them via the Exa API.