BENEFICIAL LOAN SOCY. OF TRENTON v. COMMISSIONER
United States Board of Tax Appeals
SPECIFIC CREDIT - CORPORATION - IN AND OUT OF AFFILIATION DURING TAXABLE YEAR. Where a corporation is a member of an affiliated group for part of a taxable year and its income for such part of the year is included in a consolidated return filed by a parent corporation, and files a separate return including income for the fractional part of the year during which it was unaffiliated, it is only entitled on its separate return to a pro rata part of the specific credit allowed…
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SPECIFIC CREDIT - CORPORATION - IN AND OUT OF AFFILIATION DURING TAXABLE YEAR. Where a corporation is a member of an affiliated group for part of a taxable year and its income for such part of the year is included in a consolidated return filed by a parent corporation, and files a separate return including income for the fractional part of the year during which it was unaffiliated, it is only entitled on its separate return to a pro rata part of the specific credit allowed corporations for a taxable year. (Beneficial Loan Society, 48 Fed.(2d) 686; Green River Distilling Co.,16 B.T.A. 395,…
1Opinion of the Court
*1347OPINION.
Black :
As to all of the petitioners there is one issue which is common, and that is whether or not each petitioner is entitled to take as a deduction from a return reporting income for a fractional part of a year, the entire specific credit allowed to a corporation with net income less than $25'000 per annum, by the Revenue Acts of 1926 and 1928, or whether such specific credit should be prorated over the number of months for which income has been reported separately, as respondent has done in his determination of'the deficiencies involved in these proceedings.
There is an issue of…
2Cited by1 opinion
- BENEFICIAL LOAN SOCY. OF TRENTON v. COMMISSIONERUnited States Board of Tax Appeals · 1932