Amorient, Inc. v. Commissioner
United States Tax Court
P, a corporation that had a number of subsidiary corporations, acquired an S corporation on Aug. 31, 1982. The newly acquired corporation's status as an S corporation was automatically terminated when it was acquired by P. The consolidated return for P's fiscal year ending Feb. 28, 1983, disclosed a net operating loss, a portion of which was attributable to the former S corporation for the short period Sept. 1, 1982, through Feb. 28, 1983. Held, the portion of the…
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P, a corporation that had a number of subsidiary corporations, acquired an S corporation on Aug. 31, 1982. The newly acquired corporation's status as an S corporation was automatically terminated when it was acquired by P. The consolidated return for P's fiscal year ending Feb. 28, 1983, disclosed a net operating loss, a portion of which was attributable to the former S corporation for the short period Sept. 1, 1982, through Feb. 28, 1983. Held, the portion of the consolidated net operating loss attributable to the former S corporation cannot be carried back to P's consolidated fiscal year…
1Opinion of the Court
OPINION
Raum, Judge:
The Commissioner determined an income tax deficiency of $722,126 for petitioner’s taxable year ending February 29, 1980. At issue is whether petitioner may carry back and claim as part of its consolidated net operating loss deduction for that year a net operating loss incurred by a corporate subsidiary that was an S corporation in the carryback year. The issue arises under the consolidated return regulations issued pursuant to section 1502,1 and also calls into play various other provisions of the Code and regulations. The case was submitted fully stipulated pursuant to…
2Cases cited8 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Strong v. CommissionerUnited States Tax Court · 1976
- Trinco Industries, Inc. v. CommissionerUnited States Tax Court · 1954
- Electronic Sensing Products, Inc. v. CommissionerUnited States Tax Court · 1977
- J. A. Tobin Constr. Co. v. CommissionerUnited States Tax Court · 1985
3 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Intermet Corp. & Subsidiaries v. CommissionerUnited States Tax Court · 1998
- St. Charles Inv. Co. v. CommissionerUnited States Tax Court · 1998
- Amorient, Inc. v. CommissionerUnited States Tax Court · 1994
- Intermet Corp. & Subsidiaries v. CommissionerUnited States Tax Court · 1998
- Intermet Corporation & Subsidiaries v. CommissionerUnited States Tax Court · 1998
2 more not listed; retrieve them via the Exa API.