Seaboard Commercial Corp. v. Commissioner
United States Tax Court
1. Judgment in a prior proceeding which established the value of the closing inventory of a predecessor taxpayer, held, to estop the parties from litigating issues involving items of the same inventory for the opening of the following year. 2. Net operating losses incurred by a subsidiary corporation during previous affiliation with another corporate group, and properly included in prior consolidated returns filed by earlier affiliated corporations, held, not available as a…
Read the full summary
1. Judgment in a prior proceeding which established the value of the closing inventory of a predecessor taxpayer, held, to estop the parties from litigating issues involving items of the same inventory for the opening of the following year. 2. Net operating losses incurred by a subsidiary corporation during previous affiliation with another corporate group, and properly included in prior consolidated returns filed by earlier affiliated corporations, held, not available as a carryover in consolidated returns filed for the current parent and its affiliated group. 3. Respondent's disallowances…
1Opinion of the Court
OPINION.
Opper, Judge:
Issues 1, 2, 3, and 4. Estoppel by Judgment and Inventory Loss.
In the consolidated return filed by petitioner Seaboard, the parent, losses on the liquidation of the inventory of one of its subsidiaries were deducted by the taxpayers and disallowed by respondent. There is no controversy as to the amount received but respondent claims that petitioner’s basis was smaller than the one it used and hence that a portion of the loss is unallowable. The issue arises in two ways, a claim of res judicata or estoppel by judgment being advanced, as well as a contention on the merits.
Th…
2Cases cited24 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
- Halle v. CommissionerUnited States Tax Court · 1946
- Halle v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
- Hawkins v. GlennSupreme Court of the United States · 1889
19 more not listed; retrieve them via the Exa API.
3Cited by73 opinions
- Roberts v. CommissionerUnited States Tax Court · 1974
- Lamphere v. CommissionerUnited States Tax Court · 1978
- Denver & R. G. W. R. Co. v. CommissionerUnited States Tax Court · 1959
- McKay v. CommissionerUnited States Tax Court · 1960
- Clarksdale Rubber Co. v. CommissionerUnited States Tax Court · 1965
68 more not listed; retrieve them via the Exa API.