Brooklyn Beading & Novelty Co. v. Commissioner
United States Board of Tax Appeals
The evidence fails to show that petitioner and another corporation were deprived of their right to file consolidated returns for the year 1922. The fact that prior to the making of their returns for 1923 the Commissioner determined that said corporations were affiliated during the years 1918 to 1920 can not be held to be a grant of permission to them to change the basis of their returns for 1922 and 1923 from separate to consolidated.
1Opinion of the Court
*452OPINION.
Phillips:
The controversy between the parties arises out of section 240 (a) of the Eevenue Act of 1921 which provides:
Sec. 240. (a) Tliat corporations which are affiliated within the meaning of this section may, for any taxable year beginning on or after January 1, 1922, make separate returns or, under regulations prescribed by the Commissioner with the approval of the Secretary, make a consolidated return of net income for the purpose of this title, in which case the taxes thereunder shall be computed and determined upon the basis of such return. If return is made on either of such…
2Cited by1 opinion
- Brooklyn Beading & Novelty Co. v. CommissionerUnited States Board of Tax Appeals · 1929