National Iron Works v. Commissioner
United States Board of Tax Appeals
Where in 1922 a national bank acquired at foreclosure sale the plant of an iron company and operated it until January 17, 1923, and where the bank caused to be organized under the laws of California a corporation to take over the plant, and where the organization of the corporation had proceeded no further in 1923 than the filing of the articles with the Secretary of State, and where no permit was secured authorizing the issuance of any stock until January, 1923, and where…
Read the full summary
Where in 1922 a national bank acquired at foreclosure sale the plant of an iron company and operated it until January 17, 1923, and where the bank caused to be organized under the laws of California a corporation to take over the plant, and where the organization of the corporation had proceeded no further in 1923 than the filing of the articles with the Secretary of State, and where no permit was secured authorizing the issuance of any stock until January, 1923, and where thereafter on January 17, 1923, the corporation acquired from the bank the property acquired by it at the foreclosure…
1Opinion of the Court
*384OPINION.
Phillips :
Respondent has determined that since the Bank filed a separate income tax return for the calendar year 1922, and since a separate income tax return executed in the name of petitioner was filed for the period August 22, 1922, to December 31, 1922, petitioner and the Bank are precluded from filing a consolidated return for 1923; they not having secured his consent. The correctness of this determination depends upon the application to the facts of this proceeding of section 240 of the Revenue Act of 1921, the pertinent parts of which read:(a) That corporations which are…
2Cases cited2 opinions
- MacDonald v. Reich & Lievre, Inc.California Court of Appeal · 1929
- Reno v. American Ice Machine Co.California Court of Appeal · 1925
3Cited by6 opinions
- Evans v. CommissionerUnited States Board of Tax Appeals · 1934
- Whitman, Ward & Lee Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Evans v. CommissionerUnited States Board of Tax Appeals · 1934
- Lane-Wells Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- National Iron Works v. CommissionerUnited States Board of Tax Appeals · 1931
1 more not listed; retrieve them via the Exa API.