Burke Concrete Accessories, Inc. v. Commissioner
United States Tax Court
Petitioner and three of its wholly owned subsidiaries filed a consolidated return for the taxable year 1965. One subsidiary was a domestic corporation which derived the percentages of gross income specified in secs. 921 and 931, I.R.C. 1954, from the active conduct of a trade or business in Puerto Rico, a possession of the United States, but which, without regard to those sections, incurred a net operating loss.
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Petitioner and three of its wholly owned subsidiaries filed a consolidated return for the taxable year 1965. One subsidiary was a domestic corporation which derived the percentages of gross income specified in secs. 921 and 931, I.R.C. 1954, from the active conduct of a trade or business in Puerto Rico, a possession of the United States, but which, without regard to those sections, incurred a net operating loss. Respondent determined that such subsidiary was "entitled to the benefits of section 931" and therefore was not within the category of "includible" corporations for consolidated return…
1Opinion of the Court
Tannenwald, Judge:
Respondent determined a deficiency of $19,-765.72 in the income taxes of petitioner and two of its wholly owned subsidiaries for the taxable year 1965.2 The only issue before us is whether, in the year in question, a third wholly owned subsidiary properly joined in a consolidated return filed by the affiliated group.
FINDINGS OF FACT
All of the facts have been stipulated and are found accordingly.
Burke Concrete Accessories, Inc. (hereinafter Burke or petitioner), is a California corporation, whose principal place of business at the time of the filing of the petition herein was…
2Cases cited16 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Helvering v. WinmillSupreme Court of the United States · 1938
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
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3Cited by11 opinions
- Elec. Arts, Inc. v. Comm'rUnited States Tax Court · 2002
- Estate of Whitlock v. CommissionerUnited States Tax Court · 1972
- Insilco Corp. v. CommissionerUnited States Tax Court · 1979
- General Electric Co. v. United StatesUnited States Court of Claims · 1983
- Stewart v. CommissionerUnited States Tax Court · 1982
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