Norman Scott, Inc. v. Commissioner
United States Tax Court
Held, that a transaction between petitioner and two sister corporations qualifies as a statutory merger under sec. 368(a)(1) (A), I.R.C. 1954, and, therefore, petitioner is entitled to a deduction for net operating loss carryovers arising from the prior operations of the merged sister corporations.
1Opinion of the Court
OPINION
Dawson, Judge:
Respondent determined a deficiency in petitioner’s income tax for the taxable year ended June 30,1962, in the amount of $22,384.77.
Adjustments to depreciation expense, raised in the notice of deficiency, 'have been agreed to by the parties. Thus the only issue for decision is whether a transaction between Norman Scott, Inc., River Oaks Motors, Inc., and Houston Continental Motors Ltd., Inc., which took place between May 31, 1961, and August 3, 1961, qualifies as a statutory merger within the meaning of section 368(a) (1) (A), I.R.C. of 1954,1 so that Norman Scott, Inc.,…
2Cases cited8 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Roebling v. CommissionerCourt of Appeals for the Third Circuit · 1944
- Seiberling Rubber Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1948
- Duncan v. CommissionerUnited States Tax Court · 1947
3 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
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- United States v. Adkins-Phelps, IncorporatedCourt of Appeals for the Eighth Circuit · 1968
- Appeal of George R. Laure and Esther L. Laure. W-L Molding Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1981
- American Bronze Corp. v. CommissionerUnited States Tax Court · 1975
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