Cereal Products Refining Corp. v. Commissioner
United States Board of Tax Appeals
Petitioner and its subsidiary corporation made consolidated income tax return for the year 1932 upon exercise of an election under section 141(a) of Revenue Act of 1932 and consented to Regulations 78 prescribed by Commissioner under section 141(b) on May 15, 1933. On June 16, 1933, new revenue provisions were enacted in the National Industrial Recovery Act, which amended provisions of the 1932 Act relating to taxation of corporation income.
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Petitioner and its subsidiary corporation made consolidated income tax return for the year 1932 upon exercise of an election under section 141(a) of Revenue Act of 1932 and consented to Regulations 78 prescribed by Commissioner under section 141(b) on May 15, 1933. On June 16, 1933, new revenue provisions were enacted in the National Industrial Recovery Act, which amended provisions of the 1932 Act relating to taxation of corporation income. Petitioner made a separate income tax return for the year 1933, claiming the right to a new election with respect to making a separate or consolidated…
1Opinion of the Court
*95OPINION.
HaeROn:
The deficiency in this proceeding results from respondent’s determination that the petitioner corporation’s income tax liability for 1933 should be computed, assessed, and collected on the basis of the consolidated income of petitioner and an affiliated corporation. Bespondent has made this determination by application to the year 1933 of article 11 (a) of Begulations 78.1 Begulations 78 were prescribed under section 141 (b) of the Bevenue Act of 1932, and were approved by the Secretary of the Treasury on December 7, 1932. If article 11 (a) of the regulations is properly…
2Cases cited4 opinions
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Miller v. United StatesSupreme Court of the United States · 1935
- International Railway Co. v. DavidsonSupreme Court of the United States · 1922
- Lynch v. Tilden Produce Co.Supreme Court of the United States · 1924
3Cited by4 opinions
- Commercial Shearing & Stamping Co. v. CommissionerUnited States Tax Court · 1961
- Cereal Products Refining Corp. v. CommissionerUnited States Board of Tax Appeals · 1939
- Commercial Shearing & Stamping Co. v. CommissionerUnited States Tax Court · 1961
- Miller v. CommissionerUnited States Board of Tax Appeals · 1939