Remco Steamship Co. v. Commissioner
United States Board of Tax Appeals
1. Section 240(f) of the Revenue Act of 1926 contemplates the consolidation of all the accounts of several related companies. 2. A corporation received a dividend from a wholly owned subsidiary in a year in which it suffered heavy losses. Held, the amount of such dividend may not be excluded from the income of the recipient in the computation of net loss to be forwarded to a subsequent taxable year.
1Opinion of the Court
REMCO STEAMSHIP COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
CASPAR LUMBER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Remco Steamship Co. v. Commissioner
Docket Nos. 57728, 57729.
United States Board of Tax Appeals
30 B.T.A. 579; 1934 BTA LEXIS 1312;
April 27, 1934, Promulgated
1. Section 240(f) of the Revenue Act of 1926 contemplates the consolidation of all the accounts of several related companies.
2. A corporation received a dividend from a wholly owned subsidiary in a year in which it suffered heavy losses. Held, the amount of such dividend may…
2Cases cited1 opinion
- Remco Steamship Co. v. CommissionerUnited States Board of Tax Appeals · 1934