National Tea Co. v. Commissioner
United States Tax Court
On Dec. 26, 1974, S, a subsidiary of petitioner, merged with and into petitioner. The merger qualified as a reorganization described in sec. 368(a)(1)(F), I.R.C. 1954. For the taxable year ended Dec. 28, 1974, petitioner and its affiliates sustained a consolidated net operating loss.
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On Dec. 26, 1974, S, a subsidiary of petitioner, merged with and into petitioner. The merger qualified as a reorganization described in sec. 368(a)(1)(F), I.R.C. 1954. For the taxable year ended Dec. 28, 1974, petitioner and its affiliates sustained a consolidated net operating loss. None of the loss was attributable to the business formerly operated by S. Petitioner claimed a refund based upon the carryback of the post-reorganization loss to a pre-reorganization (separate tax return) year of S. Held, respondent properly disallowed the carryback of the post-reorganization loss to S's…
1Opinion of the Court
Jacobs, Judge.*
Respondent determined deficiencies in income tax and transferee liabilities against petitioner as successor in interest to, and as transferee of the assets of, National Supermarkets, Inc., formerly National Food Stores of Louisiana, Inc. (hereinafter referred to as Supermarkets) for the taxable years ended March 29, 1969, and April 1, 1972, as follows:
TYE Deficiency
Mar. 29, 1969. $39,651
Apr. 1, 1972. 1,546,681
The sole issue for decision is whether, following a reorganization described in section 368(a)(1)(F),1 a net operating loss of the acquiring corporation (petitioner) which…
2Cases cited16 opinions
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Estate of Bernard H. Stauffer, Bonnie H. Stauffer v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1968
- Maxwell Hardware Company, a Corporation, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Ninth Circuit · 1965
- Associated MacHine (Formerly Associated MacHine Shop), a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1968
- Stauffer v. CommissionerUnited States Tax Court · 1967
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