Glen Raven Mills, Inc. v. Commissioner
United States Tax Court
Glen Raven acquired substantially all of the stock of Asheville on May 12, 1964. Asheville was in serious financial trouble prior to the Glen Raven takeover, and it had suffered substantial net operating losses in 3 of 5 taxable years preceding 1964. Prior to the Glen Raven takeover, Asheville manufactured hosiery on its 26 full-fashioned knitting machines and 91 seamless knitting machines.
Read the full summary
Glen Raven acquired substantially all of the stock of Asheville on May 12, 1964. Asheville was in serious financial trouble prior to the Glen Raven takeover, and it had suffered substantial net operating losses in 3 of 5 taxable years preceding 1964. Prior to the Glen Raven takeover, Asheville manufactured hosiery on its 26 full-fashioned knitting machines and 91 seamless knitting machines. After the takeover Glen Raven converted Asheville's full-fashioned knitting machines for use in making flat fabric rather than hosiery. This flat fabric was used by Glen Raven in making crimped yarn.…
1Opinion of the Court
Glen Raven Mills, Inc., Formerly Glen Raven Cotton Mills, Inc., Successor by Merger to Asheville Hosiery Company, Petitioner v. Commissioner of Internal Revenue, Respondent
Glen Raven Mills, Inc. v. Commissioner
Docket No. 4495-70
United States Tax Court
59 T.C. 1; 1972 U.S. Tax Ct. LEXIS 48;
October 2, 1972, Filed
Decision will be entered under Rule 50.
Glen Raven acquired substantially all of the stock of Asheville on May 12, 1964. Asheville was in serious financial trouble prior to the Glen Raven takeover, and it had suffered substantial net operating losses in 3 of 5 taxable years preceding…
Also in this document: Concurrence · Dawson; Concurrence · Sterrett; Dissent.
2Cases cited14 opinions
- James Realty Company, a Corporation v. United StatesCourt of Appeals for the Eighth Circuit · 1960
- Commissioner of Internal Revenue v. Goodwyn Crockery CompanyCourt of Appeals for the Sixth Circuit · 1963
- Coastal Oil Storage Company, and v. Commissioner of Internal Revenue, AndCourt of Appeals for the Fourth Circuit · 1957
- J. G. Dudley Company, Incorporated (Formerly Headen Hosiery Mills, Incorporated) v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1962
- Goodwyn Crockery Co. v. CommissionerUnited States Tax Court · 1961
9 more not listed; retrieve them via the Exa API.