Naeter Bros. Pub. Co. v. Commissioner
United States Tax Court
Held: Petitioner's acquisition of Missourian in January 1955 was principally for a bona fide business purpose and was not for the principal purpose of evading or avoiding tax. It follows (1) that petitioner was entitled to include the acquired corporation in a consolidated return within the provisions of sections 1501- 1504 of the Internal Revenue Code of 1954, and (2) that the provisions of section 269 of the Internal Revenue Code of 1954 are not applicable.
1Opinion of the Court
Mulroney, Judge:
The respondent determined deficiencies in petitioner’s income tax for the years 1956 and 1957 in the respective amounts of $7,417.59 and $14,935.40. The sole issue is whether petitioner, in its consolidated income tax returns for 1956 and 1957, may deduct losses incurred by a subsidiary corporation which petitioner acquired on January 1,1955.
FINDINGS OF FACT
Some of the facts were stipulated and they are so found.
Naeter Brothers Publishing Co., hereinafter sometimes called the petitioner, was incorporated under the laws of Missouri in 1918. Petitioner’s principal place of…
2Cases cited6 opinions
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- Elko Realty Co. v. CommissionerUnited States Tax Court · 1958
- R. P. Collins & Co., Inc. v. United StatesCourt of Appeals for the First Circuit · 1962
- Temple Square Mfg. Co. v. CommissionerUnited States Tax Court · 1961
- J. D. & A. B. SPRECKLES CO. v. COMMISSIONERUnited States Board of Tax Appeals · 1940
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