Summerfield Co. v. Commissioner
United States Board of Tax Appeals
1. Where petitioner owned 90 per centum of stock in another corporation, the companies were not affiliated during the fiscal year ending January 31, 1929, in view of section 141, Revenue Act of 1928. 2. Losses sustained by petitioner upon liquidation of a corporation in which it owned stock and to which it had made advances, but with which it was not affiliated, should be allowed, reduced by operating losses previously deducted from consolidated income during years when the…
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1. Where petitioner owned 90 per centum of stock in another corporation, the companies were not affiliated during the fiscal year ending January 31, 1929, in view of section 141, Revenue Act of 1928. 2. Losses sustained by petitioner upon liquidation of a corporation in which it owned stock and to which it had made advances, but with which it was not affiliated, should be allowed, reduced by operating losses previously deducted from consolidated income during years when the companies were affiliated. 3. The fact that petitioner had successfully contended in prior years that it was affiliated…
1Opinion of the Court
*80OPINION.
GoodRICi-i :
Respondent has determined and maintains that petitioner and the Taylor Co. were affiliated during the period between February 1 and September 13, 1928; that this period should be covered by a consolidated return and th'e remainder of the fiscal year by a separate return, and that the liquidation of the Taylor Co. as of February 1, 1928, from which arose the losses claimed by petitioner, was an intercompany transaction and the losses therefore are not allowable. His determination that the companies were affiliated he bases upon two grounds; first, that petitioner owned all…
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3Cited by9 opinions
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- Steiner v. CommissionerUnited States Tax Court · 1995
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