Gottesman & Co. v. Commissioner
United States Tax Court
Petitioner is the parent corporation in a group of affiliated corporations which filed consolidated returns for the years in issue. Respondent determined that accumulated taxable income for purposes of the accumulated earnings tax under sec. 531, I.R.C. 1954, should be computed on a consolidated basis. In 1966, the Secretary promulgated a new set of consolidated return regulations which superseded then-existing regulations. Secs. 1.1502-0 through 1.1502-80, Income Tax Regs.
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Petitioner is the parent corporation in a group of affiliated corporations which filed consolidated returns for the years in issue. Respondent determined that accumulated taxable income for purposes of the accumulated earnings tax under sec. 531, I.R.C. 1954, should be computed on a consolidated basis. In 1966, the Secretary promulgated a new set of consolidated return regulations which superseded then-existing regulations. Secs. 1.1502-0 through 1.1502-80, Income Tax Regs. Respondent asserts that these regulations dealt with the manner in which the accumulated earnings tax (sec. 531) was to…
1Opinion of the Court
OPINION
Nims, Judge:
Respondent determined deficiencies in petitioner’s income tax for the following years:
Year Deficiency
1972. $27,950.09
1973. 481,701.88
1974. 511,298.25
1975. 675,195.81
Due to concessions, the year 1972 is no longer in dispute.
The issues presented are: (1) Whether during the years in dispute the regulations promulgated by the Secretary under section 15021 for affiliated groups of corporations filing consolidated returns required a consolidated calculation (as respondent contends) or a separate calculation (as petitioner contends) of accumulated taxable income for purposes of…
2Cases cited4 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Ivan Allen Co. v. United StatesSupreme Court of the United States · 1975
- Corn Belt Hatcheries, Inc. v. CommissionerUnited States Tax Court · 1969
3Cited by28 opinions
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- Norwest Corp. v. Comm'rUnited States Tax Court · 1998
- H Enters. Int'l v. CommissionerUnited States Tax Court · 1995
- Garvey, Inc. v. United StatesUnited States Court of Claims · 1983
- PSB Holdings, Inc. v. Comm'rUnited States Tax Court · 2007
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