The Swiss Colony, Inc. v. Commissioner of Internal Revenue

CAMPBELL, District Judge * .

This appeal is taken by taxpayer, The Swiss Colony, Inc., (“Taxpayer”) from a decision of the Tax Court which sustained deficiency determinations for the years ended August 31, 1962, 1963 and 1964 in the respective amounts of $6,399.48, $18,609.82 and $43,110.82. The issue before the Tax Court, and here on appeal, relates to Taxpayer’s right to certain net operating loss deductions in 1963 and 1964 based on net operating loss carryovers Taxpayer claims to have obtained by the liquidation of its subsidiary. The Tax Court held that Taxpayer could not deduct the…