Eastern Color Printing Co. v. Commissioner
United States Tax Court
Held, in the transaction whereby petitioner acquired the assets and business of its subsidiary, meeting both the provisions of sec. 332, I.R.C. 1954, with respect to liquidation of a subsidiary and sec. 368(a)(1)(F) with respect to a reorganization which amounts only to a change in identity or form, petitioner is not prohibited by sec. 381(b)(3) from carrying back net operating losses or unused investment credit for years after the transaction to years of its former…
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Held, in the transaction whereby petitioner acquired the assets and business of its subsidiary, meeting both the provisions of sec. 332, I.R.C. 1954, with respect to liquidation of a subsidiary and sec. 368(a)(1)(F) with respect to a reorganization which amounts only to a change in identity or form, petitioner is not prohibited by sec. 381(b)(3) from carrying back net operating losses or unused investment credit for years after the transaction to years of its former subsidiary prior to the transaction.
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined deficiencies in petitioner’s income tax for the calendar years 1964 and 1965 in the amounts of $10,386.31 and $74,076.11, respectively.
The issue for decision is whether petitioner is entitled to carry back net operating losses and investment credits which arose after the merger into petitioner of its wholly owned subsidiary to eliminate income taxes of that subsidiary for years prior to the merger.
All of the facts have been stipulated and are found accordingly. Therefore, we will set forth in this opinion only those facts necessary to an understanding…
2Cases cited16 opinions
- 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
- King Enterprises, Inc. v. The United StatesUnited States Court of Claims · 1969
- South Texas Rice Warehouse Co. v. CommissionerUnited States Tax Court · 1965
- Aldon Homes, Inc. v. CommissionerUnited States Tax Court · 1959
- James Armour, Inc. v. CommissionerUnited States Tax Court · 1964
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3Cited by17 opinions
- Cocker v. CommissionerUnited States Tax Court · 1977
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- Mariani Frozen Foods, Inc. v. CommissionerUnited States Tax Court · 1983
- Broadview Lumber Co. v. United StatesCourt of Appeals for the Seventh Circuit · 1977
- Reeves v. CommissionerUnited States Tax Court · 1979
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