National Securities Corp. v. Com'r of Internal Revenue

MARIS, Circuit Judge.

The petitioner, National Securities Corporation, is the successor of the taxpayer,. American Gas & Electric Securities Corporation, and is liable by reason of its; merger with the taxpayer for all obligations of the latter, including federal income taxes. During its entire existence the taxpayer was a wholly owned subsidiary of American Equitable Assurance-Company of New York. The taxpayer’s: income and expenses were recorded in? separate books of account kept by it and its: accounts were not commingled with those-of the parent. In August and September,. 1929 the parent…