Westinghouse Air Brake Company v. The United States

LARAMORE, Judge.

This is an action to recover $187,771.92 of excess profits tax and interest paid for the calendar year 1951. The question presented in Its broadest context is whether taxpayer is entitled to offset against its 1951 excess profits net income any part of the 1950 unused excess profits credit of its former parent, which was merged into taxpayer on July 5. 1951. The government argues against the survival of this tax attribute of the merged corporation on two grounds. It first contends that the merged corporation for the short taxable year January 1 through July 4, 1951, as a…