Arwood Corp. v. Commissioner
United States Tax Court
Held, the principal purpose for the merger of three corporations was the acquisition of patents and technical know-how in the investment casting field and not the acquisition of net operating loss carryovers. Section 269 of the 1954 Code does not, therefore, prohibit the carryover of the loss deductions by the resulting corporation, the petitioner herein.
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Held, the principal purpose for the merger of three corporations was the acquisition of patents and technical know-how in the investment casting field and not the acquisition of net operating loss carryovers. Section 269 of the 1954 Code does not, therefore, prohibit the carryover of the loss deductions by the resulting corporation, the petitioner herein. Held, further, the substantiation of the amount of the net operating losses of two corporations was placed in issue in the respondent's amended answer and was not raised in the statutory notice. The respondent, therefore, has the burden of…
1Opinion of the Court
Arwood Corporation v. Commissioner.
Arwood Corp. v. Commissioner
Docket Nos. 1917-66, 6476-67.
United States Tax Court
T.C. Memo 1971-2; 1971 Tax Ct. Memo LEXIS 330; 30 T.C.M. (CCH) 6; T.C.M. (RIA) 71002;
January 6, 1971, Filed
Held, the principal purpose for the merger of three corporations was the acquisition of patents and technical know-how in the investment casting field and not the acquisition of net operating loss carryovers. Section 269 of the 1954 Code does not, therefore, prohibit the carryover of the loss deductions by the resulting corporation, the petitioner herein. Held, further, the…
2Cases cited26 opinions
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Lucas v. Kansas City Structural Steel Co.Supreme Court of the United States · 1930
- Tauber v. CommissionerUnited States Tax Court · 1955
- McSpadden v. CommissionerUnited States Tax Court · 1968
- Photo-Sonics, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1966
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- In Re Federated Department Stores, Inc.United States Bankruptcy Court, S.D. Ohio · 1992
- United States v. Federated Department Stores, Inc. (In Re Federated Department Stores, Inc.)District Court, S.D. Ohio · 1994