Georgia-Pacific Corp. v. Commissioner
United States Tax Court
Petitioner is the transferee of Colortype, against which a deficiency was assessed for 1968. Petitioner acquired all of Colortype's assets in a "C" reorganization on Jan. 8, 1969. Colortype and its wholly owned subsidiary, McDonald, filed consolidated returns for 1968 and prior years during which periods excess losses of McDonald were utilized in computing the group's consolidated income.
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Petitioner is the transferee of Colortype, against which a deficiency was assessed for 1968. Petitioner acquired all of Colortype's assets in a "C" reorganization on Jan. 8, 1969. Colortype and its wholly owned subsidiary, McDonald, filed consolidated returns for 1968 and prior years during which periods excess losses of McDonald were utilized in computing the group's consolidated income. The group did not file a consolidated return for the short period Jan. 1 to Jan. 7, 1969. Accordingly, Colortype is deemed to have disposed of its McDonald stock on Dec. 31, 1968. Held, upon the deemed…
1Opinion of the Court
Hall, Judge:
Respondent determined that petitioner is liable as a transferee for a deficiency of $74,097 determined against the Multi-Colortype Co. for its taxable year 1968.
The issues to be decided are:(1) Whether all or any of the Multi-Colortype Co.’s advances in July 1964 and September 1967 to its wholly owned subsidiary represent capital contributions rather than loans; and(2) Whether the Multi-Colortype Co. must report as income its excess loss account with respect to the stock of its subsidiary as the result of the disposition of that stock.
FINDINGS OF FACT
Some of the facts have been…
2Cases cited29 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Brewster v. GageSupreme Court of the United States · 1930
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- William F. Sanford v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1969
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