Kaiser Cement Corp. v. United States

OPINION

NETTESHEIM, Judge.

This case, as to which the facts are stipulated, is before the court after argument on cross-motions for summary judgment and involves the issue whether foreign subsidiaries of a United States corporation were permitted to avoid the consequences of an amendment to the tax laws reaching their shipping profits for the first year after enactment.

FACTS

Kaiser Cement Corporation (“plaintiff”), a Delaware corporation, is the common parent and a United States shareholder under Internal Revenue Code § 951(b), 26 U.S.C. § 951(b) (1982) (“I.R.C.”), through Kaiser Gypsum Company,…