Felt Process Co. v. State Tax Commission

Felt Process Company, hereinafter called Felt, is one of five Massachusetts corporations which joined with two foreign corporations in filing a consolidated Federal income tax return for the year 1955. Felt and the other four Massachusetts corporations each seasonably filed separate returns in Massachusetts for the year 1955. Of these five corporations, Felt and three others had net profits for that year, but the fifth corporation, Victory Plastics Company, sustained a loss of $103,197.97. Each of the four corporations paid the tax on the income reported. Subsequently, but within the period…