Smith Paper Co. v. Commissioner
United States Board of Tax Appeals
1. CLOSING AGREEMENTS - REVENUE ACT OF 1928, SECTION 606. - The execution of such agreements, December 5, 1930, closing the tax liabilities of members of an affiliation, continuing through 1926, 1927, and 1928, for 1927 upon a consolidated basis, neither constitutes the permission, under section 142(b), Revenue Act of 1928, necessary to change the basis of return of the affiliation for 1928, where the return for that year was filed June 15, 1929, nor bars respondent from…
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1. CLOSING AGREEMENTS - REVENUE ACT OF 1928, SECTION 606. - The execution of such agreements, December 5, 1930, closing the tax liabilities of members of an affiliation, continuing through 1926, 1927, and 1928, for 1927 upon a consolidated basis, neither constitutes the permission, under section 142(b), Revenue Act of 1928, necessary to change the basis of return of the affiliation for 1928, where the return for that year was filed June 15, 1929, nor bars respondent from establishing the proper basis of return for 1927 in a proceeding involving an income tax deficiency for 1928. 2.…
1Opinion of the Court
*33OPINION.
Leech:
The sole issue here is whether the petitioners, together with Brown & Williamson and Brown & Williamson Sales, are entitled to have their income taxes for the calendar year 1928 computed on a consolidated basis.
The applicable statutory provisions are.practically identical sections, 240 (a) of the Revenue Act of 1926,1 and 142 (a) of the Revenue Act of 1928.2
*34Since Export of New Jersey and Williams were affiliated throughout 1926, under the provisions of section 240 (d) of the Revenue Act of 1926, Regulations 69, article 632, each had the privilege to elect whether to file its…
2Cases cited18 opinions
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- Aluminum Castings Co. v. RoutzahnSupreme Court of the United States · 1930
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