International Tel. & Tel. Corp. etc. v. Commissioner
United States Tax Court
Petitioners are an affiliated group of corporations which filed a consolidated return in 1965. A. Foreign Tax Credit Issues 1. Held, members of the group which had foreign source gross income but incurred foreign source operating losses must be included in calculating petitioners' consolidated foreign source taxable income for purposes of the foreign tax credit limitation. 2. Held, deductions resulting from service fee and interest payments by members of the group to other…
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Petitioners are an affiliated group of corporations which filed a consolidated return in 1965. A. Foreign Tax Credit Issues 1. Held, members of the group which had foreign source gross income but incurred foreign source operating losses must be included in calculating petitioners' consolidated foreign source taxable income for purposes of the foreign tax credit limitation. 2. Held, deductions resulting from service fee and interest payments by members of the group to other members should be apportioned to foreign source gross income in determining the consolidated foreign source taxable…
1Opinion of the Court
OPINION
Tannenwald, Chief Judge:
Respondent determined a deficiency in petitioners’ income tax for 1965 of $885,064. Concessions have been made by both parties, but several issues remain. The first two, relating to the limitation on the foreign tax credit, are:(1) Whether the foreign source operating losses of certain foreign corporations, affiliated with International Telephone & Telegraph Corp. (ITT) and included in a consolidated return filed by that corporation and its affiliates (ITT Group), must be taken into account in determining the consolidated foreign source taxable income of the…
2Cases cited36 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
- Commissioner v. GordonSupreme Court of the United States · 1968
- J. E. Davant and Kathryn Davant v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. J. E. Davant and Kathryn DavantCourt of Appeals for the Fifth Circuit · 1966
- South Texas Rice Warehouse Co. v. CommissionerUnited States Tax Court · 1965
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3Cited by21 opinions
- Occidental Petroleum Corp. v. CommissionerUnited States Tax Court · 1984
- Itt Corporation, and Affiliated Companies v. United StatesCourt of Appeals for the Second Circuit · 1992
- National Can Corporation v. United StatesCourt of Appeals for the Seventh Circuit · 1982
- J.E. Seagram Corp. v. CommissionerUnited States Tax Court · 1995
- International Tel. & Tel. Corp. etc. v. CommissionerUnited States Tax Court · 1981
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