Flannery Bolt Co. v. Commissioner

BUFFINGTON, Circuit Judge.

These eases were heretofore considered by this court in 42 F. (2d) 11, 15, certiorari denied, 282 U. S. 889, 51 S. Ct. 102, 75 L. Ed. 784. We there upheld the right of the affiliated companies to make a consolidated return and directed that “the decree of the tax board must be vacated, and the companies allowed to make a consolidated return of net income and invested capital.”

By statute it is provided: “(b) In any ease in which a tax is assessed upon the basis of a consolidated return, the total tax shall be computed in the first instance as a unit and shall then be…