Nibur Bldg. Corp. v. Commissioner
United States Tax Court
Held, for taxable years commencing prior to Jan. 1, 1966, the portion of a consolidated net operating loss attributable to a subsidiary cannot be carried back to offset the income of the parent corporation in a separate return year prior to incorporation of the subsidiary.
1Opinion of the Court
OPINION
Fay, Judge:
Respondent determined deficiencies and an overassessment in the Federal income tax of petitioners as follows:
Year Over assessment Deficiency
1959_ $8, 968. 60
1960_ 30, 337. 69
1963___ $2, 211. 00_
The sole issue presented is whether the iiortion of a consolidated net operating loss attributable to a subsidiary can be carried back to offset the income of the parent corporation in a separate return year prior to incorporation of the subsidiary.
All of the facts have been stipulated. The stipulation of facts and the exhibits attached thereto are incorporated by this reference.
Petiti…
2Cases cited3 opinions
- Trinco Industries, Inc. v. CommissionerUnited States Tax Court · 1954
- American Trans-Ocean Navigation Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1956
- A. R. Ruppert Plumbing & Heating Co. v. CommissionerUnited States Tax Court · 1962
3Cited by5 opinions
- Electronic Sensing Products, Inc. v. CommissionerUnited States Tax Court · 1977
- Daron Industries, Inc. v. CommissionerUnited States Tax Court · 1974
- Daron Industries, Inc. v. CommissionerUnited States Tax Court · 1974
- Electronic Sensing Products, Inc. v. CommissionerUnited States Tax Court · 1977
- Nibur Bldg. Corp. v. CommissionerUnited States Tax Court · 1970