Dover Corp. v. Comm'r
United States Tax Court
D and H, United Kingdom corporations, were controlled foreign corporations with respect to P. H was a wholly owned subsidiary of D. In 1997, D sold the stock of H to an unrelated third party. In 1999, P requested that H be granted an extension of time to retroactively elect to be treated as a "disregarded entity" pursuant to sec. 301.7701-3, Proced. & Admin. Regs., effective "immediately prior to" D's sale of the H stock.
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D and H, United Kingdom corporations, were controlled foreign corporations with respect to P. H was a wholly owned subsidiary of D. In 1997, D sold the stock of H to an unrelated third party. In 1999, P requested that H be granted an extension of time to retroactively elect to be treated as a "disregarded entity" pursuant to sec. 301.7701-3, Proced. & Admin. Regs., effective "immediately prior to" D's sale of the H stock. R granted the requested extension of time on Mar. 31, 2000. H's retroactive disregarded entity election was filed on or about Oct. 10, 1999. Pursuant to that election, there…
1Opinion of the Court
OPINION
Halpern, Judge:
Dover Corp. (petitioner) is the common parent of an affiliated group of corporations making a consolidated return of income (the group or affiliated group). By notice of deficiency dated September 14, 2000 (the notice), respondent determined deficiencies in Federal income tax for the group for its 1996 and 1997 taxable (calendar) years in the amounts of $9,329,596 and $24,422,581, respectively. All but one of the adjustments that gave rise to those determinations have been settled, and this report addresses the sole remaining issue, which involves an interaction between…
2Cases cited26 opinions
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- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
- United States v. MichelSupreme Court of the United States · 1931
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