Middlesex Ice Co. v. Commissioner
United States Board of Tax Appeals
CONSOLIDATED INVESTED CAPITAL. - No part of an existing surplus of one member of an affiliated group of corporations may be eliminated from the consolidated invested capital where such surplus or any part thereof is not shown to be duplicated in the accounts of one or more of the affiliated group.
1Opinion of the Court
*158OPINION.
Tkussell :
Under requirements made by the Treasury Department one of the early steps in ascertaining the consolidated invested capital of a group of affiliated companies is the preparation of a consolidated balance sheet. Each member of the affiliated group enters the consolidation with its invested capital as defined by section 326 of the Revenue Acts of 1918 and 1921. From this preliminary exhibit there is then eliminated such items or amounts as are shown to be duplications either of investment or of earned surplus and undivided profits. The law does not specifically provide for,…
2Cited by4 opinions
- Albert Lea Packing Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Columbus Brick & Tile Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Golden Cycle Corp. v. CommissionerUnited States Board of Tax Appeals · 1929
- Middlesex Ice Co. v. CommissionerUnited States Board of Tax Appeals · 1927