Columbia Pac. Shipping Co. v. Commissioner

1. The petitioner, a corporation, affiliated in 1928 with several other corporations, requested permission of the Commissioner to be allowed to file separate returns for that year instead of filing, as formerly, a consolidated return. The request was granted and the corporations elected to file separate returns. Held, that they were bound by such election and the Commissioner did not err in treating the separate returns as property filed and refusing thereafter to permit the filing of a consolidated return. 2. The petitioner declared a dividend payable partly in stock of another corporation…