Commercial Shearing & Stamping Co. v. Commissioner
United States Tax Court
Filing by petitioner corporation and its subsidiaries of a consolidated return for its first fiscal year after enactment of 1954 Code but under applicable 1939 Code regulations, held, not to preclude new election to file separate returns for following year after promulgation of new and less favorable regulations under 1954 Code.
1Opinion of the Court
OPINION.
Opper, Judge:
When petitioner, for fiscal 1954, filed its first consolidated return under the 1954 Code, the regulations expressly referred to in sections 1501 and 1502,1.K.C. 1954,1 had not yet been promulgated. One of the statutory prerequisites for the filing of a consolidated return was that the taxpayers “consent to all the consolidated return regulations.”
After the regulations under the 1954 Code were promulgated and the time arrived for petitioner and its affiliates to file their returns for fiscal 1955, they failed to file such consent, or to do the act which the statute and…
2Cases cited3 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Lucas v. Sterling Oil & Gas Co.Court of Appeals for the Sixth Circuit · 1933
- Cereal Products Refining Corp. v. CommissionerUnited States Board of Tax Appeals · 1939
3Cited by9 opinions
- Nalle v. CommissionerUnited States Tax Court · 1994
- Corn Belt Hatcheries, Inc. v. CommissionerUnited States Tax Court · 1969
- Landy Towel & Linen Service, Inc. v. CommissionerUnited States Tax Court · 1962
- Mearkle v. CommissionerUnited States Tax Court · 1986
- Commercial Shearing & Stamping Co. v. CommissionerUnited States Tax Court · 1961
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