American Financial Corp. v. Commissioner
United States Tax Court
Petitioner is the successor in interest to National General Co., which in turn was the successor in interest to Great American Holding Co. In various years prior to 1960, Great American Insurance Co., a subsidiary of Holding Co., paid insurance claims for which Holding Co. claimed a deduction for losses incurred pursuant to sec. 832(b)(5), I.R.C. 1954, on its consolidated return.
Read the full summary
Petitioner is the successor in interest to National General Co., which in turn was the successor in interest to Great American Holding Co. In various years prior to 1960, Great American Insurance Co., a subsidiary of Holding Co., paid insurance claims for which Holding Co. claimed a deduction for losses incurred pursuant to sec. 832(b)(5), I.R.C. 1954, on its consolidated return. These deductions did not result in any tax benefit to Holding Co. In 1966, Insurance Co. received salvage and subrogation proceeds with respect to the claims paid prior to 1960. Of the total salvage and subrogation…
1Opinion of the Court
OPINION
Dawson, Judge:
Respondent determined a deficiency in petitioner's consolidated Federal income tax for 1968 in the amount of $210,929. In its petition, however, petitioner alleged an overpayment for 1968 in the amount of $527,969. By an amendment to his answer the respondent alleged, as an offset to the overpayment claimed in the petition, that petitioner’s net operating loss carryover deduction in 1968 was overstated by $2,593,860. The issues raised in the deficiency notice and petition have been settled by the parties. Petitioner has conceded that the 1968 net operating loss carryover…
2Cases cited12 opinions
- Phœnix Insurance v. Erie & Western Transportation Co.Supreme Court of the United States · 1886
- Farr v. CommissionerUnited States Tax Court · 1948
- Sloane v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1951
- Birmingham Terminal Co. v. CommissionerUnited States Tax Court · 1951
- Continental Insurance v. United StatesUnited States Court of Claims · 1973
7 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Home Mutual Insurance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Seventh Circuit · 1980
- Allstate Insurance Company v. The United StatesCourt of Appeals for the Federal Circuit · 1991
- Allstate Insurance v. United StatesUnited States Court of Claims · 1990
- American Financial Corp. v. CommissionerUnited States Tax Court · 1979
- Home Mutual Insurance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Seventh Circuit · 1980
2 more not listed; retrieve them via the Exa API.