Daron Industries, Inc. v. Commissioner
United States Tax Court
1. T corporation and its newly formed or acquired subsidiaries filed a consolidated income tax return for 1964, reporting substantial consolidated taxable income, 6 days after the due date as extended. Consolidated returns for subsequent years filed by T reported considerable losses.
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1. T corporation and its newly formed or acquired subsidiaries filed a consolidated income tax return for 1964, reporting substantial consolidated taxable income, 6 days after the due date as extended. Consolidated returns for subsequent years filed by T reported considerable losses. Held, in the circumstances of this case, the 1964 return was a valid consolidated return such that consolidated losses of later years may be carried back to the consolidated income of 1964. 2. T filed a separate income tax return for 1963 which reported considerable taxable income and which was prior to the…
1Opinion of the Court
Daron Industries, Inc., Formerly Airequipt, Inc., et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Daron Industries, Inc. v. Commissioner
Docket Nos. 2647-71, 2648-71, 2649-71, 2650-71, 2651-71, 2652-71
United States Tax Court
62 T.C. 847; 1974 U.S. Tax Ct. LEXIS 40; 62 T.C. No. 91;
September 24, 1974, Filed
Decisions will be entered under Rule 155.
1. T corporation and its newly formed or acquired subsidiaries filed a consolidated income tax return for 1964, reporting substantial consolidated taxable income, 6 days after the due date as extended. Consolidated returns for…
2Cases cited14 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Williamsport Wire Rope Co. v. United StatesSupreme Court of the United States · 1928
- Logan Lumber Company v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1966
- Rosano v. CommissionerUnited States Tax Court · 1966
- Trinco Industries, Inc. v. CommissionerUnited States Tax Court · 1954
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